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

Custom chip designer Marvell signed a deal to acquire Lumentum, a maker of optical chips and lasers for fiber-optic networks, at an enterprise value of $115 billion and an equity value of about $80 billion. Lumentum holders get 4.5 Marvell shares each, a 23.9% premium. Closing is expected in the first half of 2028, pending shareholder and regulatory approval.

Why it matters: It ranks among the largest tech acquisitions ever and gives Marvell control of key optical components for AI connectivity.