On November 2, 2026, Marvell Technology announced a definitive agreement to acquire Lumentum in an all-stock transaction. The deal calls for 4.5 Marvell shares for each Lumentum share. Marvell put the implied enterprise value at $115 billion, using October 28 closing prices as its reference. The companies expect closing in the first half of 2028, subject to stockholder and regulatory approvals and customary conditions, according to Marvell’s announcement.
With a fixed share exchange, the announced dollar value can move as Marvell’s share price changes.
What the exchange ratio and $115 billion figure mean
Lumentum stockholders would receive 4.5 Marvell shares for each Lumentum share. The share count is fixed; the dollar value of that consideration is not. As Marvell’s share price changes, so does the implied value of the shares offered for each Lumentum share.
The $115 billion figure is the announced implied enterprise value, not a fixed cash payment. Marvell also cited an approximate value of $1,132 per Lumentum share and a 23.9% premium, both calculated using the companies’ unaffected closing share prices on October 28, 2026. Those are reference figures tied to that date’s prices.
| Announced term | Detail | Basis or condition |
| Consideration | 4.5 Marvell shares per Lumentum share | All-stock transaction; fixed share ratio |
| Implied enterprise value | $115 billion | Based on unaffected October 28, 2026 closing prices |
| Reference value per Lumentum share | Approximately $1,132 | Based on October 28, 2026 closing prices |
| Premium | Approximately 23.9% | Measured against each company’s October 28, 2026 unaffected closing price |
| Expected closing | First half of 2028 | Subject to stockholder approvals, regulatory approvals and customary conditions |
After closing, the companies project that current Marvell stockholders would own about 67% of the combined company and Lumentum stockholders about 33%, on a fully diluted basis.
Why combine Marvell’s connectivity with Lumentum’s optics
Marvell’s stated contribution includes electrical and optical interconnect, network switching, custom silicon and semiconductor technologies. Lumentum’s includes high-performance lasers, optical transceivers, optical circuit switching and specialized compound-semiconductor manufacturing.
The companies say the combination is intended to address rising bandwidth demands in AI infrastructure as copper connections approach physical limits. Their projections include a $550 billion total addressable market and more than $1 billion in annual run-rate cost synergies. Those are company estimates, not realized results.
In a post-announcement Fox Business interview, Marvell CEO Matt Murphy and Lumentum CEO Michael Hurlston discussed the deal’s rationale.
Approvals and leadership plans
The announced path to closing requires approval from both companies’ stockholders, regulatory approvals and other customary conditions. Marvell said it expected Matt Murphy to remain chairman and CEO after closing. It also expected three Lumentum directors, including CEO Michael Hurlston, to join Marvell’s seven-member board.
