Marvell and Lumentum agree to $115 billion all-stock merger for AI connectivity
Marvell and Lumentum have signed a definitive agreement to combine in an all-stock deal that the companies describe as creating a leader in AI connectivity. The fixed exchange ratio implies roughly $1,132 per Lumentum share, a 23.9% premium over the October 28 close, and an enterprise value of about $115 billion. The transaction is not yet complete, as closing is expected in the first half of 2028 pending shareholder and regulatory approvals. Marvell shareholders would hold about 67% of the combined company and Lumentum shareholders about 33%, with the companies targeting over $1 billion in annual cost synergies.
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