Marvell Plans All-Stock Lumentum Deal With $115 Billion Enterprise Value

Marvell plans to buy Lumentum in an all-stock deal with a $115 billion enterprise value. The offer is estimated at about $1,132 per Lumentum share, roughly 24% above its Oct. 28 closing price. The acquisition has not closed, and Marvell’s bet that AI spending will sustain demand for optical components remains a bet, not a demonstrated result.