Marvell has agreed to acquire Lumentum in an all-stock deal valued at $115 billion, combining Marvell's optical DSPs, SerDes, silicon photonics, and networking silicon with Lumentum's lasers, transceivers, optical switches, and indium phosphide manufacturing.

Marvell Technology Inc. has signed a definitive merger agreement to acquire Lumentum at an enterprise value of $115 billion, combining two of the largest players in the data center optics market.

According to a joint press release issued November 2, Lumentum shareholders will receive 4.5 Marvell shares for each Lumentum share they own, which the companies value at about $1,132 per share. That figure represents a 23.9% premium over Lumentum's unaffected closing price on October 28, the last trading day before reports of the deal affected prices.

On completion, Marvell's current shareholders will hold about 67% of the combined company, and Lumentum's shareholders about 33%. Bloomberg reports that the transaction is the second-largest tech deal ever, after the SpaceX-xAI merger. Both companies' boards have unanimously approved the agreement, which is expected to close in the first half of 2028, subject to regulatory and shareholder approval.