- Marvell shares per Lumentum share · Announced 2 November 20264.500 Fixed exchange ratio
- Implied enterprise value of Lumentum · Company figure, 2 November 2026115 $bn All-stock deal
- Implied value per Lumentum share · Company figure, 2 November 2026About 1,132 $ At unaffected closes, 28 Oct 2026
- Premium · Company figure, 2 November 2026About 23.9 % vs unaffected closes, 28 Oct 2026
- Lumentum holders' stake after closing · Fully diluted, company figure, 2 November 2026About 33 % Marvell holders: about 67%
- Annual run-rate cost synergies · Company expectation, 2 November 2026; no timing givenMore than 1 $bn
Marvell Technology will swap 4.500 of its own shares for every Lumentum share in a deal the two Nasdaq-listed companies announced on 2 November 2026. They put the implied enterprise value for Lumentum, which makes lasers, optical transceivers and other photonic parts, at $115bn. That works out at about $1,132 per Lumentum share and a premium of about 23.9%, measured on both companies' unaffected closing prices on 28 October 2026. The companies said that was the final trading day before the market began speculating about a possible deal. Once the deal closes, current Marvell holders would own about 67% of the combined company and Lumentum holders about 33%, on a fully diluted basis, according to the joint release.
- Deal value
- 115 $bn implied enterprise value
- Paid in
- Shares
- Per share
- $1,132 per share (implied, unaffected 28 Oct)
- Premium (as announced)
- 23.9%
- Expected to close
- First half of calendar 2028, as the companies expect
Conditions
- Approval by Marvell stockholders
- Approval by Lumentum stockholders
- Regulatory approvals
- Other customary closing conditions
as of Announced 2 November 2026. Sources below.
Both boards backed the agreement unanimously. Matt Murphy, Chairman and CEO of Marvell, will keep both roles at the combined company, and three Lumentum directors, among them President and CEO Michael Hurlston, will join a Marvell board that has seven members today, the companies said. They expect the deal to add to Marvell's non-GAAP EPS in the first year after closing and see a path to more than $1bn a year in run-rate cost savings. By their estimate it would also widen the combined group's total addressable market to $550bn and lift its long-term revenue growth and its non-GAAP gross and operating margins.
“AI infrastructure is undergoing a fundamental architectural shift toward optical connectivity, creating an opportunity that comes along once in a generation.”
The companies argue that copper's limits are speeding AI infrastructure's move to optics, and that integrated optical designs replacing discrete parts need much closer electrical-optical co-design. Marvell would contribute its interconnect chips, network switches and custom processor chips (XPUs). Lumentum would add lasers, optical transceivers, optical circuit switches and its compound semiconductor manufacturing, including indium phosphide (InP), according to the release. Alongside the deal, Marvell said preliminary revenue for its fiscal third quarter of 2027, which ended on 31 October 2026, was in line with its earlier guidance; it held the midpoint and narrowed the range to plus or minus 2%, from plus or minus 5%. Lumentum reported its fiscal first-quarter 2027 results separately the same day.
- Marvell and Lumentum joint press release 'Marvell and Lumentum to Combine, Creating a Category Leader in AI Connectivity' (Marvell investor relations), 2 Nov 2026, 13:05 CET
- Marvell investor relations, PDF of the same joint release, 2 Nov 2026, 13:05 CET