Marvell to buy Lumentum in $115 billion all-stock deal
The US chipmaker will pay in shares, not cash, combining semiconductors with optical links for AI data centres; Nvidia has put $4 billion into both firms.
Marvell Technology has agreed to acquire optical-chip firm Lumentum in a deal valued at about $115 billion including debt.
The purchase is all-stock: Lumentum holders get 4.5 Marvell shares per share, leaving Marvell owners with about 67% of the combined firm.
CEO Matt Murphy will keep leading; three Lumentum directors, including CEO Michael Hurlston, will join Marvell’s board.
Nvidia announced $2 billion investments in each company in March 2026, totalling $4 billion.
The companies expect the deal to close in the first half of 2028 if shareholders and regulators approve.