Marvell Agrees to Buy Lumentum in All-Stock Deal With $115 Billion Implied Enterprise Value

Marvell’s all-stock agreement to acquire Lumentum carries an implied enterprise value of $115 billion. Lumentum shareholders would receive 4.5 Marvell shares for each share they own. The companies see potential for more than $1 billion in annual run-rate cost synergies, but those savings depend on a deal that still requires shareholder and regulatory approvals. Closing is expected in the first half of 2028.