Marvell Agrees to $115B All-Stock Deal for Lumentum, Biggest Public-Tech M&A Ever

Marvell signed an all-stock acquisition of optical-component maker Lumentum at an implied enterprise value of $115B, roughly $1,132 per Lumentum share and a 23.9% premium to the Oct 28 close. Marvell shareholders will own 67% of the combined company and the deal targets close in H1 2028, chasing Broadcom with a combined ~$550B addressable AI-infrastructure TAM. It is the largest-ever merger of two public tech companies and dwarfs Marvell's $10B Inphi deal in 2021.