Marvell to acquire Lumentum in all-stock transaction valued at over $275B enterprise value
Marvell Technology announced an agreement to acquire Lumentum Holdings in an all-stock transaction with a combined enterprise value over $275 billion. Lumentum stockholders will receive 4.500 shares of Marvell common stock for each Lumentum share. The combined company, creating an AI connectivity category leader, is expected to be accretive to Marvell non-GAAP EPS in year one post-close with $1B+ in run-rate synergies primarily in cost of goods sold. The transaction is expected to close in the first half of cale...
Key takeaways
All-stock transaction with combined enterprise value over ~$275 billion based on October 30, 2026 market data
Lumentum stockholders to receive 4.500 Marvell shares per Lumentum share, implying pro forma ownership of ~67% Marvell and ~33% Lumentum shareholders
Combined pro forma revenue (MRQ annualized) of $17.7 billion: Marvell $12.6B + Lumentum $5.1B
Pro forma non-GAAP gross margin of 57% (Marvell 58%, Lumentum 53%) and operating margin of 39% (Marvell 37%, Lumentum 42%)
Expands Marvell's total addressable market from $400B to $550B by combining interconnect and photonics portfolios
Expected to deliver $1B+ in run-rate synergies primarily in cost of goods sold
Matt Murphy to remain CEO and Chairman; three Lumentum directors including CEO Michael Hurlston to join Marvell Board
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