Marvell to Acquire Lumentum in $115 Billion All-Stock Deal Focused on AI Connectivity

Marvell Technology said Monday it will acquire optical components maker Lumentum Holdings in an all-stock deal with an implied enterprise value of $115 billion, one of the largest tech deals ever. Lumentum makes lasers, circuit switches and other products used in data centers. Under the agreement, Lumentum shareholders will receive 4.5 Marvell shares for each Lumentum share. Because the fixed-ratio deal includes no cash, its value will depend on Marvell's share price. Marvell said the purchase would combine electrical and optical technologies and make it a "category leader in AI connectivity." CEO Matt Murphy said in a statement that AI infrastructure is shifting toward optical connectivity, an opportunity that comes "once in a generation." The deal is expected to close in the first half of 2028. Marvell shares fell more than 1% before the opening bell and Lumentum shares fell almost 3%. Nvidia earlier this year said it was buying a $2 billion stake in Lumentum, according to Bloomberg. Marvell this year also closed a multibillion-dollar deal for Celestial AI.

Newsmax, the right-leaning outlet, leads with the $115 billion figure, notes it includes debt, and casts the purchase as the custom chipmaker stepping up its challenge to larger rival Broadcom. In the excerpt provided, it does not mention market reaction or Nvidia. CBS News, on the left, also leads with the $115 billion price and Murphy's quote, but adds the Nvidia stake and says Marvell is going ahead despite last week's pullback in AI stocks. It notes that markets appear less certain, citing the share drops. Both sides agree on the price, the all-stock structure and the AI-connectivity rationale; they differ in framing, with competition against Broadcom on the right and investor caution on the left. Alternative sources CNBC and MarketWatch largely echo the shared facts, though CNBC adds the exchange ratio, closing timeline and spending-sustainability concerns.