Marvell Technology and Lumentum said Monday they have a definitive agreement for Marvell to acquire Lumentum in an all-stock deal³. The companies put implied enterprise value at $115 billion, or about $1,132 per Lumentum share, a 23.9% premium to each company's Oct. 28 close, the last day before deal speculation³.

Lumentum stockholders would receive a fixed 4.500 Marvell shares per Lumentum share³. After closing, current Marvell holders would own about 67% of the combined company on a fully diluted basis and Lumentum holders about 33%³.

Techmeme, summarizing Reuters, described Lumentum as an optical-components maker and framed the purchase as Marvell seeking to rival Broadcom¹. Reuters' headline called the transaction an AI data-center bet². Reuters also reported the $115 billion figure as an all-stock deal including debt².

The companies said Matt Murphy would remain chairman and CEO, and that three Lumentum directors, including CEO Michael Hurlston, would join Marvell's board³. They said they expect the deal to close in the first half of calendar 2028, subject to stockholder votes, regulatory approvals and other customary conditions³.

Marvell and Lumentum said the combination is expected to expand the combined company's total addressable market to $550 billion and to provide line of sight to more than $1 billion in annual run-rate cost synergies, and that it is expected to be accretive to Marvell non-GAAP earnings per share in year one after close³. Those figures are company projections, not independently verified here.

Techmeme, citing Reuters, said Nvidia had invested $2 billion in both Marvell and Lumentum^1,2. Reuters dated those investments earlier this year². The companies' joint release did not mention Nvidia in the readable terms section used here³.

What regulators will require, whether stockholders approve the exchange ratio, and whether the 2028 close holds were not established in Monday's announcement³.