Marvell to Buy Lumentum in All-Stock Deal Valuing Optical Maker at $115 Billion

As of 8:09 a.m. ET, Monday, Nov. 2, 2026

Marvell Technology has agreed to buy optical-components maker Lumentum in an all-stock deal that gives Lumentum an implied enterprise value of $115 billion, the companies announced Monday.

The deal has been announced but has not closed. The companies said they expect it to close in the first half of calendar 2028. It still needs approval from both companies' stockholders and from regulators, along with other customary closing conditions.

The terms

Lumentum stockholders will receive a fixed 4.500 shares of Marvell common stock for each Lumentum share they own, according to the release.

The companies said that works out to about $1,132 per Lumentum share. They put the premium at about 23.9%, based on each company's unaffected closing share price on Oct. 28, 2026. The release described that as the last trading day before market speculation about a possible deal began.

After closing, current Marvell stockholders would own about 67% of the combined company on a fully diluted basis, and Lumentum stockholders would own about 33%, the companies said.

The boards of both companies unanimously approved the agreement.

Leadership

Matt Murphy will remain chairman and CEO of the combined company. Three members of Lumentum's board, including Lumentum CEO Michael Hurlston, will join Marvell's board, which currently has seven directors, according to the release.

What the companies are claiming

Marvell, based in Santa Clara, California, makes chips used in data infrastructure. Lumentum, based in San Jose, makes lasers, optical transceivers and other optical technology used in data center and telecom networks.

The companies said the combination would pair Marvell's electrical and optical interconnect, switching and custom silicon work with Lumentum's lasers and optical products, as AI data centers move away from copper connections and toward optical technology.

The companies said the deal would expand the combined company's total addressable market to $550 billion. That is the companies' own estimate.

They also said they see a path to more than $1 billion in annual run-rate cost synergies. And they said they expect the deal to add to Marvell's non-GAAP earnings per share in the first year after closing.

"AI infrastructure is undergoing a fundamental architectural shift toward optical connectivity, creating an opportunity that comes along once in a generation," Murphy said in the release.

"Joining Marvell creates a company uniquely positioned to capitalize on a market opportunity of $550 billion and generate significant, sustainable stockholder value," Hurlston said.

What's next

Marvell and Lumentum held a joint conference call at 8 a.m. ET Monday (5 a.m. PT) to discuss the deal.

Alongside the announcement, Marvell said its preliminary revenue for its fiscal third quarter was in line with its earlier guidance. Lumentum separately reported results for its fiscal first quarter.

Qatalyst Partners is Marvell's lead financial adviser, with J.P. Morgan and Goldman Sachs also advising. Wilson Sonsini Goodrich & Rosati is Marvell's legal adviser. Citigroup and Evercore are financial advisers to Lumentum, and Davis Polk & Wardwell is its legal adviser.