Marvell Acquires Lumentum for $115B
Original: In one of the largest deals in tech history, Marvell buys Lumentum for $115B
Why This Matters
Deal signals aggressive consolidation in AI-driven optical networking infrastructure.
Chip designer Marvell agreed to acquire optical chip maker Lumentum in an all-stock deal valued at $115B enterprise value ($80B equity). Marvell offers 4.5 shares per Lumentum share. Close expected H1 2028, pending shareholder and regulatory approval.
Marvell Technology has signed a definitive agreement to acquire Lumentum, an optical chip and networking equipment maker, in an all-stock transaction carrying an enterprise value of $115 billion—including debt—and an equity value of roughly $80 billion. Marvell will exchange 4.5 shares of its common stock for each Lumentum share. The deal ranks among the largest acquisitions in tech history, surpassing Microsoft's $68.7B purchase of Activision Blizzard in 2022 and Dell's $67B EMC buyout in 2016. One notable detail: both companies share Nvidia as a major investor. In March 2026, Nvidia pumped $2 billion into Lumentum to support R&D and fab expansion as part of a multi-year laser component supply agreement. That same month, Nvidia also invested $2 billion in Marvell to strengthen its optical networking portfolio. Marvell says the combined company will position it as a leader in AI connectivity, with an integrated product line spanning chips to full data center infrastructure. The transaction requires approval from shareholders of both companies and regulators, with closing targeted for the first half of calendar year 2028.