Marvell to buy Lumentum in $115 billion all-stock deal to boost AI connectivity
Marvell Technology announced on Monday it will acquire optical components maker Lumentum in an all-stock deal, valuing the transaction at an implied $115 billion for Lumentum. The deal, structured as a fixed ratio exchange, will give Lumentum shareholders 4.5 Marvell shares for each Lumentum share. Marvell Chairman and CEO Matt Murphy called the move a bet on AI infrastructure’s shift toward…
Key points
- Marvell to acquire Lumentum in an all-stock deal with an implied $115 billion valuation for Lumentum
- Lumentum shareholders receive 4.5 Marvell shares for each Lumentum share under the agreement
- Deal aims to combine electrical and optical tech to meet AI connectivity demands, closing in first half of 2028
The acquisition follows Marvell’s earlier multibillion-dollar deal for Celestial AI, a startup specializing in optical interconnectivity. Marvell’s stock dropped 3% and Lumentum’s fell about 4% before the announcement. The deal is expected to close in the first half of 2028, though its final value hinges on Marvell’s share price. The move underscores Marvell’s aggressive push into AI hardware, despite broader concerns about infrastructure spending sustainability.
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Marvell to buy Lumentum in all-stock deal, a massive bet on AI connectivity
CNBC Technology · 2 November 2026
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