Marvell Technology said Monday it agreed to acquire optical-components maker Lumentum in an all-stock deal, with a fixed exchange ratio that ties the value received by Lumentum shareholders to Marvell’s share price.
Under the agreement, each Lumentum share would convert into 4.5 Marvell shares. The terms assign Lumentum an implied enterprise value of $115 billion. With no cash included, the dollar value of the stock consideration will move as Marvell’s share price changes.
The agreement projects Marvell shareholders will own about 67% of the combined company and Lumentum shareholders about 33%, based on a fully diluted share count. EconoTimes previously outlined the companies’ broader merger terms.
Marvell said the deal would pair its electrical connectivity products with Lumentum’s optical components to serve AI infrastructure needs. Marvell’s portfolio includes switching and interconnect technologies, while Lumentum supplies optical transceivers, lasers and optical circuit-switching systems for data-center networks. Light-based connections link processors involved in training and operating large language models.
The companies target closing in the first six months of 2028, after shareholder and regulatory approvals.
