Marvell Technology said in a filing with the SEC that it has entered into a definitive agreement to acquire Lumentum Holdings in an all-stock transaction, combining two companies it describes as among the fastest-growing enablers of AI infrastructure.
Under the terms of the agreement, Lumentum stockholders will receive 4.500 shares of Marvell common stock for each share of Lumentum stock they own. The deal carries an implied enterprise value of $115 billion for Lumentum, or about $1,132 per share, representing a premium of roughly 23.9% over Lumentum's unaffected closing price as of October 28, 2026.
Once the deal closes, current Marvell stockholders will own approximately 67% of the combined company on a fully diluted basis, with Lumentum stockholders holding the remaining 33%. Matt Murphy will continue as Chairman and CEO of the combined company, and three members of Lumentum's board, including CEO Michael Hurlston, will join Marvell's board.
The companies said the combination brings together Marvell's electrical and optical interconnect, switching and custom silicon technologies with Lumentum's lasers, optical transceivers and optical circuit switching capabilities. The combined company is expected to expand its total addressable market to $550 billion and have line of sight to more than $1 billion in annual run-rate cost synergies. The transaction is expected to be accretive to Marvell's non-GAAP earnings per share in the first year after closing.
The boards of both companies have unanimously approved the agreement, which is subject to stockholder and regulatory approvals and other customary closing conditions. The transaction is expected to close in the first half of calendar year 2028.
In connection with the announcement, Marvell reported preliminary third-quarter fiscal 2027 revenue consistent with its previously provided guidance, maintaining the midpoint while narrowing the expected range to plus or minus 2%, down from plus or minus 5%. Lumentum separately reported its first fiscal quarter 2027 results.
$MRVLMarvell TechnologyPrice197.90 USD ▼5.08%Net sentiment+0.07Bullish61%Mentions · 30d439 ▲400%Samplen=439Avg volume609,392View on the dashboardFinazon · prior-day close, indicative (IEX-derived, not the official close) · Oct 30, 2026
$LITELumentum HoldingsPrice842.82 USD ▼4.38%Net sentiment+0.12Bullish73%Mentions · 30d62Samplen=62Avg volume206,144View on the dashboardFinazon · prior-day close, indicative (IEX-derived, not the official close) · Oct 30, 2026