Marvell agrees to buy Lumentum in $115bn deal

Marvell Technology agreed to acquire Lumentum Holdings in an all-stock merger valued at $115 billion including debt. The deal, expected to close in the first half of 2028, involves a fixed exchange ratio of 4.5 Marvell shares for every Lumentum share. Marvell CEO Matt Murphy will lead the combined entity, while Lumentum CEO Michael Hurlston joins the board.