The facts
Marvell and Lumentum announced a definitive all-stock agreement under which Lumentum shareholders would receive 4.5 Marvell shares for each Lumentum share. [1]
The companies put implied enterprise value at $115 billion, or about $1,132 per Lumentum share, a 23.9% premium to the unaffected 28 October closing price; Reuters reports equity value of $102.54 billion. [1][2]
AP reported Marvell shares down 12.7% and Lumentum shares down 18.6% in its Monday market coverage after the deal announcement. AP did not establish those figures as final closing returns in the account reviewed. [3]
The deal is subject to shareholder votes and regulatory approvals; the companies expect a close in the first half of 2028. [1][2]
Still unconfirmed
- Shareholder votes, regulatory review, any revised terms and actual completion remain outstanding.
- The companies’ projected synergies and market-size estimates are forecasts, not realized results.
Corrections & updates
Substantive update, 3 November: AP’s Monday market report said Marvell shares were down 12.7% and Lumentum shares 18.6% after the announced acquisition. The percentages are attributed to AP’s market snapshot and are not described here as verified closing returns; the transaction remains pending approvals.
Sources
References support the numbered facts above. Source checks: 3 Nov 2026, 08:53 UTC.
- Marvell and Lumentum to Combine, Creating a Category Leader in AI Connectivity
Marvell Technology investor relations · Primary source · 2 Nov 2026
Opened the company announcement. It describes the definitive all-stock agreement and conditions; forward-looking synergy and market-size claims remain attributed to the companies.
- Marvell to buy Lumentum in $115 billion deal in AI data-center bet
Reuters via WSAU · Reporting · 2 Nov 2026
Opened full Reuters report, which explains enterprise value including debt, terms, premium and expected first-half 2028 close.
- Stocks fall as AI companies face scrutiny and investors weigh a $115 billion deal
The Associated Press · Reporting · 2 Nov 2026
Opened AP’s Monday market report. It gives the two share-price declines after the deal announcement; the article does not establish them as final closing returns.