Marvell Technology has agreed to acquire Lumentum Holdings in an all-stock deal valued at $115 billion in enterprise value, with an equity value of approximately $80 billion. Marvell will issue 4.5 shares of its common stock for each Lumentum share.
The acquisition ranks among the largest tech deals ever completed. Microsoft paid $68.7 billion for Activision Blizzard in 2022. Dell paid $67 billion for EMC in 2016.
Nvidia holds a stake in both companies. In March, Nvidia invested $2 billion in Lumentum as part of a multi-year agreement for advanced laser components and to support R&D and fab expansion. That same month, Nvidia invested another $2 billion in Marvell to strengthen its optical networking and chips portfolio.
Marvell expects the acquisition to establish it as a leader in AI connectivity, with products spanning chips to data centers. The transaction is expected to close in the first half of 2028, pending shareholder and regulatory approval.