Marvell Technology agreed Nov. 2, 2026, to acquire Lumentum in an all-stock transaction with an implied enterprise value of $115 billion, combining semiconductor and optical-networking capabilities aimed at AI infrastructure. The agreement is not a completed acquisition.
Under the companies’ announcement, Lumentum shareholders would receive 4.5 Marvell shares for each share held. Marvell shareholders would own approximately 67% of the combined company on a fully diluted basis, and Lumentum shareholders approximately 33%.
A longer approval timetable
The companies expect closing in the first half of 2028, subject to shareholder approvals at both companies, regulatory clearance and other customary conditions. Both boards have unanimously approved the agreement. TechCrunch also reported the proposed transaction.
The enterprise-value figure should not be confused with a cash payment to shareholders: consideration is stock, and the exchange ratio is fixed.
Connecting chips and optical systems
The proposed combination would bring Marvell’s switching and custom-silicon technology together with Lumentum’s lasers, optical transceivers and optical circuit switching. The companies say closer engineering coordination would help them develop more integrated connectivity products.
For infrastructure buyers, the commercial significance is the proposed consolidation of capabilities across the connection between chips and networks. That does not mean a combined product portfolio is already available, or that customers have secured lower prices or improved performance.
Marvell Chairman and CEO Matt Murphy would continue in those roles after closing. Three Lumentum directors, including CEO Michael Hurlston, would join Marvell’s board.