Marvell Technology to Acquire Lumentum for $115 Billion

Marvell Technology, Inc. (MRVL) entered into a merger agreement on November 2, 2026, to acquire Lumentum Holdings Inc. (LITE) in a deal valued at $115 billion.

Deal Structure:

Lumentum stockholders will receive a fixed exchange ratio of 4.5 shares of Marvell common stock for each share of Lumentum common stock they own, representing approximately $883.80 per Lumentum share, at a 5.13% premium over the stock’s last close.

Company Profile:

Lumentum is a San Jose-based manufacturer of optical and photonic products, including lasers, optical components, modules, and subsystems used in telecommunications networks, AI data centers, cloud computing, and industrial applications. The company operates through two business segments: Optical Communications and Commercial Lasers.

Marvell is a semiconductor company that designs and sells data infrastructure chips, including custom ASICs, networking, storage, and optical connectivity solutions used in data centers, telecommunications networks, and enterprise infrastructure. Its products enable high-speed data processing, storage and transmission across cloud, AI and networking applications.

Deal Details and Timeline:

Last week, Bloomberg reported that Marvell was in advanced talks to buy Lumentum. The stock was trading at $913.95 when the report came out.

Following the closing of the transaction, existing Marvell stockholders are expected to own about 67% of the combined company, with Lumentum stockholders holding the remaining 33%.

Matt Murphy will remain CEO of the combined company. Three members of Lumentum’s Board, including its CEO Michael Hurlston, will also join Marvell’s Board, which currently has seven members.

The merger is expected to close in the first half of 2028.

Lumentum received financial advisory services from Citigroup Global Markets and Evercore, with Davis Polk & Wardwell serving as its legal counsel. Marvell was advised by Qatalyst Partners, J.P. Morgan Securities, and Goldman Sachs on financial matters, while Wilson Sonsini Goodrich & Rosati acted as its legal counsel.

Deal Metrics:

For further insights into this M&A transaction, please refer to the Deal Metrics page here:
Deal Metrics for the acquisition of Lumentum Holdings Inc. (LITE) by Marvell Technology, Inc. (MRVL)

The Deal Metrics page for each merger or acquisition includes:

– A spread history chart of the merger from announcement through eventual completion or failure.
– Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And a whole lot more.

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Editor’s Note: Baranjot Kaur contributed to this article