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

Marvell Technology said Monday it will acquire Lumentum Holdings in a deal with an implied enterprise value of $115 billion, one of the largest technology deals on record. The all-stock, fixed-ratio agreement gives Lumentum shareholders 4.5 Marvell shares for each Lumentum share, so the value will move with Marvell's share price. Marvell makes data infrastructure semiconductors, and Lumentum makes lasers, circuit switches and other products used in data centers. Marvell said the combination would create a "category leader in AI connectivity" as companies increasingly rely on optical links to connect chips that run large language models. Marvell CEO Matt Murphy called the opportunity "once in a generation." The deal is expected to close in the first half of 2028. Nvidia earlier this year said it was buying a $2 billion stake in Lumentum, according to Bloomberg. Before the opening bell, Marvell shares slid more than 1%, and Lumentum fell almost 3%.

Left-leaning CBS News leads with the deal's size and the market reaction, noting the share declines and that the deal came despite last week's sharp pullback in AI stocks, and it describes markets as less certain. Its only executive voice is Murphy's statement. Right-leaning Fox Business leads with an on-air interview with Murphy and Lumentum CEO Michael Hurlston, calling the deal historic and record-breaking, and it features Murphy's prediction that AI connectivity will be as consequential as compute or memory. Its excerpt does not mention the share declines. Both sides report the $115 billion value, the Murphy quotes and the pairing of the two companies. Alternative CNBC adds the share-ratio terms, the 2028 closing timeline and Marvell's earlier Celestial AI purchase.