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Marvell and Lumentum sign definitive all-stock acquisition agreement with $115B implied enterprise value

Marvell Technology and Lumentum announced on 2 November 2026 a board-approved definitive all-stock combination. The agreed exchange ratio is 4.5 Marvell shares per Lumentum share and Lumentum's implied enterprise value is about $115 billion. The announced plan concerns optical interconnect capacity for AI data-center systems; closing remains subject to shareholders and regulatory approvals and is expected in 2028. This is not a completed merger or evidence of new deployed bandwidth.