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Marvell agrees to acquire Lumentum at a $115 billion enterprise value

November 2, 2026. Marvell Technology and Lumentum announced a definitive agreement under which Marvell would acquire the optical components maker in an all-stock transaction. The joint announcement assigns Lumentum an implied enterprise value of $115 billion.

Lumentum shareholders would receive 4.5 Marvell shares for each share they own and hold approximately 33% of the combined company. The companies expect to close in the first half of 2028, subject to shareholder and regulatory approvals and other conditions.

Why it matters

The transaction would bring together semiconductors and optical technology for connecting computing systems. It is a major bet on demand for artificial-intelligence infrastructure and high-speed data transmission.

Rockstar Briefing analysis

The announced enterprise value includes debt and should not be treated as a cash payment. The exchange leaves shareholders exposed to stock-price movements, while completion depends on approvals and subsequent integration. Projected synergies and growth remain company forecasts.

Featured image: AI-generated illustration.

Source: Joint Marvell and Lumentum announcement distributed by Business Wire on November 2, 2026.