Marvell Signs Landmark $115B Deal to Acquire Lumentum
Custom chip designer Marvell has signed a deal to acquire optical chip and networking equipment maker Lumentum in an all-stock transaction. The deal carries an enterprise value of $115 billion (including debt) and an equity value of approximately $80 billion. Under the terms, Marvell will issue 4.5 shares of its common stock for each Lumentum share.
A Deal Among the Largest in Tech History
The acquisition ranks among the biggest in tech history, comparable to Microsoft's $68.7 billion purchase of Activision Blizzard in 2022 and Dell's $67 billion acquisition of EMC in 2016.
Nvidia's Shared Stake in Both Companies
Notably, the two companies share one major investor: Nvidia. In March 2026, as part of a multi-year agreement to purchase Lumentum's advanced laser components, the GPU giant invested $2 billion to support Lumentum's R&D efforts and fab expansion. Later that same month, Marvell announced a $2 billion investment from Nvidia aimed at strengthening Marvell's optical networking and chip portfolio.
Building a Leader in AI Connectivity
With Lumentum in its portfolio, Marvell says it will become a leader in AI connectivity, offering products that span from chips to data centers. The transaction is expected to close in the first half of calendar year 2028, subject to shareholder and regulatory approval.
via TechCrunch