Marvell to Acquire Lumentum in $115 B All‑Stock Deal, Shares Slip

Marvell Technology (NASDAQ:MRVL) announced on Monday, November 2, 2026 that it has agreed to acquire Lumentum Holdings (NASDAQ:LITE) in an all‑stock transaction valued at approximately $115 billion in enterprise value.

Under the agreement, Lumentum shareholders will receive a fixed 4.500 Marvell shares for each Lumentum share, which Marvell said implies a price of about $1,132 per Lumentum share and represents a premium of roughly 23.9% to the unaffected close on October 28.

After the transaction closes, Marvell shareholders are slated to own about 67% of the combined company while Lumentum shareholders will own the remaining 33%.

Both companies’ boards approved the deal unanimously; Matt Murphy will remain Chairman and CEO of Marvell, and three Lumentum directors, including CEO Michael Hurlston, will join Marvell’s seven‑member board.

Closing of the merger is subject to approval by the stockholders of both companies and by regulators, with Marvell indicating an expected closing in the first half of calendar 2028.

Marvell’s stock closed at $196.40 on Friday, a decline of $21.94 or 10.05%, and was up 0.56% at $197.50 in pre‑market trading on Monday.

In morning trading on Monday, Marvell shares were reported at $190.43, down 3%, while Lumentum shares traded at $788.51, down 6%.

Lumentum fell 8.57% in the same session, and since the initial talk of the transaction was reported late last month, Lumentum has dropped about 8% and Marvell about 22%.

Marvell said the acquisition expands its total addressable market to $550 billion and is expected to generate more than $1 billion in annual run‑rate cost savings and a lift to its adjusted earnings per share in the first year after closing.