Marvell Agrees to $115 Billion Lumentum Deal

Marvell Technology agreed to acquire optical-components maker Lumentum in an all-stock deal valued at about $115 billion, described as the largest merger between public technology companies. Lumentum shareholders will receive 4.5 Marvell shares per share, worth about $1,132 and representing a 23.9% premium to the Oct. 28 closing price; Marvell shareholders are expected to own about 67% of the combined company. The deal combines Marvell’s chips and data-center connectivity products with Lumentum’s lasers and optical components to address growing AI infrastructure demand and compete more broadly with Broadcom. The companies forecast more than $1 billion in annual cost savings and expect the deal to add to adjusted earnings per share in its first year. Closing is targeted for the first half of 2028, subject to regulatory and shareholder approval.