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Marvell to Acquire Lumentum in $115 Billion All-Stock Transaction

Marvell and Lumentum entered into a definitive agreement for Marvell to acquire Lumentum in an all-stock transaction with an implied enterprise value of $115 billion, representing approximately $1,132 per Lumentum share and a premium of approximately 23.9% to unaffected share prices. Lumentum stockholders will receive 4.500 Marvell common shares for each Lumentum share and are expected to own approximately 33% of the combined company on a fully diluted basis, with current Marvell stockholders owning approximatel...

Published November 2, 2026 at 7:40 AM ESTMarvell Technology, Inc.Investor relations
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Guidance comparison

Net revenueQ3 FY2027
$3,150 millionGuide $3,150 million | in_line | $0 million | 0%

Guidance updates

Net revenueQ3 FY2027
$3,087 million-$3,213 million; midpoint $3,150 million; plus or minus 2%Prior $2,992.5 million-$3,307.5 million; midpoint $3,150 million; plus or minus 5% | maintained | No midpoint change; the low end increased by $94.5 million and the high end decreased by $94.5 million, narrowing the range from plus or minus 5% to plus or minus 2%

Forward guidance

Net revenueQ3 FY2027
$3,087 million - $3,213 million

Key takeaways

  • Marvell will acquire Lumentum in an all-stock transaction with an implied enterprise value of $115 billion and an implied value of approximately $1,132 per Lumentum share.

  • The fixed exchange ratio is 4.500 Marvell common shares for each Lumentum common share, with a 23.9% premium to unaffected share prices as of October 28, 2026.

  • The transaction is expected to close in the first half of calendar year 2028, subject to Marvell and Lumentum stockholder approvals, regulatory approvals and other customary closing conditions.

  • The companies expect more than $1 billion in annual run-rate cost synergies, higher long-term revenue growth and non-GAAP gross and operating margins, and accretion to Marvell non-GAAP EPS in year one post-close.

  • Marvell's preliminary Q3 FY2027 revenue was in line with the prior guidance midpoint; the $3,150 million midpoint was maintained while the range narrowed to $3,087 million-$3,213 million.

  • Matt Murphy will continue as Chairman and CEO of the combined company, and three Lumentum directors, including Michael Hurlston, will join Marvell's board after closing.

  • The combined company is expected to address a total addressable market of $550 billion by combining electrical and optical interconnect, switching, custom silicon, optical technologies and compound-semiconductor manufacturing.

Key metrics

Preliminary net revenueQ3 FY2027
$3,150 million
Implied enterprise value
$115 billion
Implied value per Lumentum share
Approximately $1,132 per share
Premium to unaffected share priceOctober 28, 2026
Approximately 23.9%
Fixed exchange ratio
4.500 Marvell common shares per Lumentum common share
Pro forma ownership - Marvell stockholdersPost-closing
Approximately 67% on a fully diluted basis
Pro forma ownership - Lumentum stockholdersPost-closing
Approximately 33% on a fully diluted basis
Expected closing period
First half of calendar year 2028

Primary source

TickerStar generated this brief from an official company, investor-relations, earnings-call, or regulatory source. Review the primary material before making an investment decision.

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