Marvell to buy Lumentum in $115 billion deal in AI data-center bet

Marvell Technology has agreed to acquire Lumentum in a stock-based transaction valued at $115 billion, including debt, Business Recorder reported on November 2. The purchase adds Lumentum’s optical components to Marvell’s custom-chip and networking operations, strengthening its position in hardware for AI data centres.

Lumentum investors are due to receive 4.5 Marvell shares for each share they hold, leaving them with about 33% of the combined business. The companies’ boards approved the agreement, with completion planned for the first six months of 2028; Marvell could owe fees if the deal is abandoned or blocked by regulators. The announcement comes as investors question whether heavy AI-related spending can continue, while Lumentum separately forecast second-quarter revenue of $1.58 billion to $1.63 billion.