Marvell 宣佈以 $115 billion 全股票交易收購 Lumentum

Marvell Technology said November 2 that it would acquire optical components maker Lumentum in a $115 billion all-stock transaction. The deal will give Marvell access to optical technologies, including co-packaged optics (CPO), but its shares fell 13%.

Under the terms of the deal, Lumentum shareholders will receive 4.5 shares of Marvell common stock for each Lumentum share they own. The transaction implies a value of approximately $1,132 per Lumentum share and an enterprise value of $115 billion. The offer represents a premium of approximately 23.9% based on the October 28 closing price, the last trading day before speculation about a potential acquisition emerged.

Following completion of the acquisition, existing Marvell shareholders will own approximately 67% of the combined company, while Lumentum shareholders will hold the remaining 33%.

The transaction is expected to close in the first half of 2028, subject to approval from shareholders of both companies and regulatory authorities. Matt Murphy, Marvell's current chairman and chief executive officer (CEO), will continue to lead the combined company as chairman and CEO. Three Lumentum directors, including CEO Michael Hurlston, will join Marvell's board, which currently has seven members.

The acquisition aims to vertically integrate Marvell's electrical and optical interconnect technologies, network switching and custom accelerator (XPU) semiconductor capabilities with Lumentum's high-performance lasers and optical transceiver technologies. The combined company will strengthen its capabilities in silicon photonics and advanced packaging, including CPO, bringing together AI semiconductors and optical communications solutions.

Marvell has expanded its business by supplying application-specific integrated circuits (ASICs) and networking technologies to major technology companies, including Amazon and Google. Its annual revenue more than doubled from $3 billion in fiscal 2021 to $8.2 billion in fiscal 2026. Its market capitalization has also exceeded $150 billion.

Competition between Marvell and Broadcom is also expected to intensify. Broadcom is a development partner for Google's custom semiconductors and has a broad portfolio spanning semiconductors and networking equipment.