Marvell 宣佈收購 Lumentum，交易隱含企業價值為 $115bn

Shares in both companies fell by more than 10pc yesterday following the announcement of the deal.

US semiconductors company Marvell Technology is acquiring optical and photonics tech provider Lumentum in an all-stock transaction that marks an implied enterprise value of $115bn for Lumentum, according to the two parties.

The deal represents a price of around $1,132 per share of Lumentum common stock and a premium of approximately 23.9pc based on each company’s closing share price as of 28 October, according to the duo.

The two California-based companies said the acquisition – reportedly one of the largest technology deals in history – seeks to combine “Marvell’s strengths in electrical and optical interconnect, network switching, custom XPU and XPU attach, and advanced semiconductor technologies with Lumentum’s expertise in high-performance lasers, optical transceivers, optical circuit switching and specialised compound semiconductor manufacturing”.

Shares in both companies fell by more than 10pc yesterday (2 November) following the announcement of the deal, which analysts view as a committed attempt to capitalise on the AI data centre boom. According to Reuters, the deal values Lumentum at about 33-times its projected core operating profitability over the next 12 months – more than double the median of about 16-times for industry peers, according to Reuters calculations based on London Stock Exchange Group data.

Bloomberg reported the deal as the second-largest tech transaction ever, behind only the SpaceX-xAI merger, while noting that the huge AI-focused acquisition could be risky due to growing concerns about the industry’s sustainability.

“AI infrastructure is undergoing a fundamental architectural shift toward optical connectivity, creating an opportunity that comes along once in a generation,” said Matt Murphy, chair and CEO of Marvell.

“By bringing together two leaders with highly complementary technologies, exceptional talent and specialised manufacturing capabilities, we intend to help shape the next era of AI connectivity and create exceptional stockholder value.”

Once the deal is completed, current Marvell stockholders will own around 67pc of the combined company on a fully diluted basis, while Lumentum stockholders will own approximately 33pc, according to the duo.

Michael Hurlston, president and CEO of Lumentum, said: “Surging AI data traffic requires rapid hardware innovation, and this combination enhances our ability to deliver next-generation solutions at scale.”

According to the two companies, growing bandwidth requirements and the physical limitations of copper-based connectivity are accelerating the transition toward optical technologies, such as those provided by Lumentum.

“As AI infrastructure scales to increasingly complex architectures – particularly scale-up and scale-in – the industry is shifting from discrete, modular components toward highly integrated optical solutions that require much closer co-design of electrical and optical technologies to deliver greater bandwidth, performance and energy efficiency,” they said.

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