Marvell to Acquire Lumentum in All-Stock Deal; Lumentum Shareholders to Hold About 33% of Combined Company

Marvell Technology and Lumentum have reached a definitive agreement under which Marvell will acquire Lumentum in an all-stock transaction. Under the terms, each Lumentum share will be exchanged for 4.5 shares of Marvell common stock. Upon completion, Marvell's existing shareholders will own about 67% of the combined company, while Lumentum shareholders will hold about 33%. The transaction is expected to close in the first half of 2028 and remains subject to approval from both companies' shareholders and regulators. Marvell expects the merger to generate more than $1 billion in annual cost synergies and to be accretive to non-GAAP earnings per share in the first year after closing. The combined company's addressable market is expected to expand to $550 billion. (Caixin)