Marvell will buy optical-component maker Lumentum in an all-stock deal at an enterprise value of US$115 billion; closing isn't expected until the first half of 2028.

(event date Nov 2)

Concept illustration: on the left, a person with short dark hair, a dark top and a lanyard badge stands behind a white building with two rows of windows, lettered MARVELL beside a black emblem, and rests one hand on the beige base that extends to the right of it, where a dashed outline marks an empty rectangle. On the right, against a pale pink background, a red building with two rows of windows, lettered LUMENTUM beside a multicoloured slanted-stripe emblem, stands on a separate white base that adjoins the beige one. Printed on the image: US$115B Enterprise value Marvell puts on Lumentum.

Marvell says in its press release that connections inside AI data centers are moving from copper to optics, so electrical and optical chips need to be designed together. Marvell makes electrical and optical interconnect chips and custom AI chips for cloud companies; Lumentum makes high-performance lasers, optical transceiver modules and optical circuit switches, which route data paths directly as light. The price is about 23.9% above Lumentum's October 28 closing price. The two companies expect more than US$1 billion a year in cost savings after the merger and put the addressable market at US$550 billion (Marvell and Lumentum joint press release, 2026-11-02). The 8-K Marvell filed with the SEC the same day says preliminary revenue for the quarter is in line with prior guidance. It narrows the guided range from plus or minus 5% to plus or minus 2% but gives no dollar figure (Marvell 8-K, 2026-11-02). In a separate post on X that day, Creative Strategies analyst Ben Bajarin said the deal shows what it takes to compete with Broadcom. Bajarin also wrote, "Only concern in regulatory challenge I think is from China" (Ben Bajarin, 2026-11-02). The SecondSource website covered the deal on November 3; today adds the 8-K and the analyst's reading. How we checked →

Source and checks

This item ran in the brief of Nov 4, 2026, alongside 10 other items. How we checked it, the quote checks and what was still missing that day are on that issue's How we checked page.

Cite this item

SecondSource (2026). "Marvell will buy optical-component maker Lumentum in an all-stock deal at an enterprise value of US$115 billion; closing isn't expected until the first half of 2028.." https://secondsource.io/en/news/2026-11-04-6/. Accessed access date.