Marvell to Acquire Optical Communications Giant Lumentum in $80B All-Stock Deal

Marvell has announced an agreement to acquire photonics and laser supplier Lumentum in an all-stock transaction valued at $80 billion plus assumed debt, bringing the enterprise value to $115 billion. The move aims to overcome the physical limitations of copper interconnects encountered in scale-up and scale-in architectures of generative AI clusters, while securing a long-term supply of critical optical components such as indium phosphide (InP) lasers. The transaction is expected to close in the first half of 2028, subject to regulatory hurdles, including antitrust approvals.