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.
Clayton, Dubilier & Rice and GTCR are discussing a joint bid for Global Payments valued around $40 billion including debt, the Financial Times reported. GTCR is already Global Payments' largest shareholder. Talks are ongoing and may not produce a deal, and no per-share price has emerged. Shares jumped about 11% on the report.
India's Affle 3i, through its Israel-based subsidiary Affle 3iL, signed a definitive agreement to buy Nasdaq- and TASE-listed Perion Network at $11.70 per share in cash, an implied equity value of about $420 million. Perion is a Tel Aviv-based digital advertising technology company with a strong North American footprint.
Funds managed by Blackstone Credit & Insurance, with Canadian institutional investors including CPP Investments, agreed to invest $3.1 billion for a 49.9% non-controlling interest in the Mitsubishi Corporation subsidiary that holds its interest in the LNG Canada liquefaction business.
Infrastructure investor Stonepeak completed its acquisition of a 65% controlling stake in lubricants maker Castrol from bp, which keeps a 35% minority interest. Financial terms were not stated in the release.
Sweden's Hexagon closed its previously announced acquisition of Waygate Technologies, a non-destructive testing specialist, from Baker Hughes. Waygate has about 1,500 employees and generated roughly $630 million in fiscal 2025 revenue; the deal dilutes Hexagon's group margin by about 150 basis points pro forma.
Salesforce agreed to acquire Rune Technologies, which builds AI software for military logistics and supply forecasting, for $375 million in cash and stock, Resilience Media reported. Rune, founded in 2024, was last valued at $127 million and is backed by Andreessen Horowitz, Point72 Ventures and IQT.
Rewards platform Bilt acquired LAVA, a technology platform powering loyalty, membership and fan experiences for sports and entertainment organizations, in a transaction valued at $300 million. LAVA works with 56 pro franchises across the NFL, NBA, MLB, NHL and MLS.