Marvell Technology and Lumentum have reached a final agreement under which Marvell will acquire Lumentum in an all-stock transaction valued at approximately $115 billion, corresponding to about $1,132 per Lumentum share, representing a premium of roughly 23.9% over the closing price on October 28, 2026, before the potential deal rumors influenced the companies' stock prices.
Under the agreement, Lumentum shareholders will receive 4.5 shares of Marvell common stock for each share they hold. Upon completion of the transaction, Marvell's existing shareholders will own approximately 67% of the combined company, while Lumentum shareholders will hold about 33%. The deal is expected to close in the first half of 2028, subject to approval by both companies' shareholders and regulatory authorities.
Marvell expects the merger to generate annual cost synergies exceeding $1 billion and to boost non-GAAP earnings per share in the first year following closing. The combined company's addressable market size is projected to expand to $550 billion.