Marvell to buy Lumentum in $115B all-stock AI connectivity deal

Marvell Technology agreed to acquire Lumentum in an all-stock deal valuing the optical company at an implied enterprise value of about $115 billion. Lumentum holders get a fixed 4.5 Marvell shares per share, roughly $883.80 each, a modest 5.13% premium. Marvell holders will own about 67% of the combined company, Lumentum holders about 33%. Bloomberg had reported advanced talks the week before.

Why it matters: The companies pitch the combination as a category leader in AI connectivity, one of the largest semiconductor tie-ups as data-center networking demand surges.