Marvell to Buy Lumentum in $115 Billion Stock Deal for AI Optical Links
Updated
Updated · CNBC · Nov 2
Marvell to Buy Lumentum in $115 Billion Stock Deal for AI Optical Links
3 articles · Updated · CNBC · Nov 2
Summary
$115 billion is the implied enterprise value Marvell assigned to Lumentum in a fixed-ratio, all-stock takeover aimed at AI connectivity demand.
Lumentum holders will receive 4.5 Marvell shares for each share, giving Marvell optical components to pair with its electrical technology as AI systems shift toward optical interconnects.
The deal is expected to close in the first half of 2028, though its final value will move with Marvell's share price because no cash is involved.
Marvell shares fell 3% and Lumentum dropped about 4% before the bell, even as the acquisition ranks among 2026's biggest AI infrastructure bets.
The move extends Marvell's push into AI networking after its multibillion-dollar Celestial AI purchase, despite growing questions about how long AI infrastructure spending can stay elevated.