Marvell Technology and Lumentum announced on November 2, 2026 a definitive agreement for Marvell to acquire Lumentum in an all-stock deal, according to the companies' joint press release, filed with the US Securities and Exchange Commission. Each Lumentum share converts into 4.500 Marvell shares at a fixed ratio, which the release says implies about $1,132 per Lumentum share, a premium of about 23.9% to Lumentum's October 28 closing price, the last trading day before market speculation about a deal began. The companies put the implied enterprise value at $115 billion. The release does not state an equity value.

Terms and timing

Marvell stockholders would own about 67% of the combined company on a fully diluted basis and Lumentum stockholders about 33%. Both boards approved the agreement unanimously. The companies project that the deal closes in the first half of calendar 2028, subject to approval by the stockholders of both companies, regulatory approvals and other customary conditions.

Matt Murphy would continue as chairman and chief executive of the combined company. Three Lumentum directors, including Lumentum chief executive Michael Hurlston, would join Marvell's board, which currently has seven members. The release does not state a headquarters for the combined company; Lumentum is based in San Jose, California.

Company projections

The companies expect more than $1 billion in annual run-rate cost synergies, without giving a timeline, and say the deal should be accretive to Marvell's non-GAAP earnings per share in the first year after closing. They say the combination expands the combined company's total addressable market to $550 billion, a figure for which the release cites no third-party source. Murphy said in the release: “AI infrastructure is undergoing a fundamental architectural shift toward optical connectivity.”

The release also gives preliminary results for Marvell's fiscal third quarter of 2027, saying revenue was consistent with prior guidance. Marvell kept the guidance midpoint and narrowed the range to plus or minus 2%, from plus or minus 5%. The figures are unaudited. Marvell's advisers were Qatalyst Partners, J.P. Morgan Securities and Goldman Sachs, and Lumentum's were Citigroup and Evercore.

Market reaction and earlier reports

TechStartups reports that Marvell fell more than 10% and Lumentum more than 15% on Monday, November 2, and puts Lumentum's equity value at about $102.5 billion. TechStartups does not reconcile that figure with the $115 billion enterprise value. Before the announcement, The Next Web ran a report headlined “Marvell nears a deal to buy Nvidia-backed Lumentum, Bloomberg reports.”

Sources and notes

Sources: the joint press release (SEC Exhibit 99.1), TechStartups and The Next Web. Lens read the press release in full and took the share-price moves and the equity figure from TechStartups, a secondary roundup, without checking them against market data. Lens did not open The Next Web article or the Bloomberg and Reuters reports. The synergy, accretion and market-size figures are company projections.

Image: X2 vs SFP+ optical transceiver.jpg by Martijn Boer, marked public domain on Wikimedia Commons; cropped. It shows two optical transceiver modules, not products of Marvell or Lumentum. Illustrative photo; it does not show the events described.