Marvell to Buy Lumentum in $115B All-Stock Deal for Co-Packaged Optics Lasers
shashib · x · 2026-11-03
Marvell agreed to acquire optical component maker Lumentum in an all-stock deal at an implied enterprise value of $115 billion. Lumentum holders receive 4.5 Marvell shares per share — about $1,132 at Oct 28 prices, a 23.9% premium — with closing targeted for H1 2028 and Lumentum capacity committed through early 2029.
The logic: Marvell leads in DSP chips inside 800G/1.6T pluggable modules, but co-packaged optics moves optical engines onto the switch/accelerator package, eroding that DSP business. Every design variant still needs a laser, and Lumentum's indium phosphide fabs produce a sold-out laser that Nvidia and Marvell's rivals depend on. Marvell projects a combined $550B addressable market by 2030, with upside mostly from near-packaged and co-packaged optics. This is Marvell's third related acquisition after the $10B Inphi deal in 2021.
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