[FLASH] Marvell agrees to buy Lumentum in all-stock deal at a $115B implied enterprise value
Marvell agreed to acquire optical-components maker Lumentum at 4.5 Marvell shares per Lumentum share, an implied enterprise value of $115B; TechCrunch, citing WSJ, puts equity value near $80B, and closing is targeted for 1H 2028 pending shareholder and regulatory approval. CNBC reported Marvell fell 13% and Lumentum nearly 19% on Monday, a sign the market is questioning the price for consolidating electrical and optical AI interconnect, a deal Marvell's CEO framed as a 'double down' on supporting Nvidia, an investor in both companies. Items to watch are regulatory review, the spread implied by the fixed exchange ratio, and Broadcom's competitive response.