Marvell and Lumentum to Combine, Creating a Category Leader in AI Connectivity

Marvell Technology and Lumentum announced a definitive agreement for Marvell to acquire Lumentum in an all-stock transaction with a fixed exchange ratio of 4.500 Marvell shares per Lumentum share, implying an enterprise value of $115 billion for Lumentum (about $1,132 per share, a roughly 23.9% premium to Lumentum's unaffected October 28, 2026 close). Post-closing, Marvell stockholders would own approximately 67% and Lumentum stockholders approximately 33% of the combined company, which is expected to have a $550 billion total addressable market, more than $1 billion in annual run-rate cost synergies and to be accretive to Marvell non-GAAP EPS in year one. The deal, unanimously approved by both boards, is expected to close in the first half of calendar year 2028, subject to stockholder and regulatory approvals, with Matt Murphy continuing as Chairman and CEO and three Lumentum directors, including CEO Michael Hurlston, joining Marvell's board.