Marvell agrees to buy Lumentum in a $115B bet on AI optics
The all-stock deal gives Lumentum an enterprise value of $115 billion, including debt. Marvell says copper links are reaching their limits in AI data centres. Both companies’ shares fell on Monday, and the deal is due to close in the first half of 2028.
Marvell and Lumentum announced on Monday, November 2, that they will combine. Each Lumentum share becomes 4.5 Marvell shares, worth about $1,132 at prices before reports of the talks. Marvell’s owners would hold about 67% of the combined company.