🔗Marvell Agrees to Buy Lumentum in $115B All-Stock Deal

Your optical networking vendor map just got redrawn

Marvell just agreed to buy Lumentum in an all-stock deal worth $115 billion in enterprise value, or about $80 billion in equity. That's one of the biggest tech acquisitions ever, sitting next to Microsoft's $68.7 billion Activision buy and Dell's $67 billion EMC deal. Why should you care? Lumentum makes the optical components that move data between AI accelerators and switches inside big GPU clusters. Marvell is pitching this as a way to become a leader in AI connectivity, so the two vendors you're evaluating today may end up on one invoice. If your procurement team has been playing Marvell and Lumentum off each other, that leverage is about to shrink. The terms: Lumentum holders get 4.5 Marvell shares per share. Nvidia is a major shareholder in both companies, and it put $2 billion into Lumentum's R&D and fab expansion in March, plus another $2 billion into Marvell's optical networking and chips portfolio. Nvidia's fingerprints are all over this. The deal needs shareholder and regulator approval and is expected to close in the first half of 2028. Plenty of time for things to change, so watch the antitrust review closely.