Marvell Technology, Inc. (MRVL) Form 8-K — Nov 2, 2026
Marvell Technology announced a definitive agreement to acquire Lumentum in an all-stock transaction, with Lumentum shareholders receiving 4.500 Marvell shares per share held. The deal implies a $115 billion enterprise value for Lumentum (~$1,132 per share, a 23.9% premium to the unaffected October 28 price), creating a combined company with ~$275 billion enterprise value focused on AI connectivity. The combination expands the combined total addressable market to $550 billion and is expected to deliver more than $1 billion in annual run-rate cost synergies, enhance non-GAAP margins, and be accretive to Marvell's non-GAAP EPS in year one post-close.
Key figures
- Deal Value Usd
- $115 billion implied enterprise value for Lumentum (~$1,132 per LITE share, ~23.9% premium); ~$275B combined enterprise value
- Shares Offered
- Fixed exchange ratio of 4.500 Marvell shares per Lumentum share
- Combined tam
- $550 billion (CY30)
- Expected close
- First half of calendar year 2028
- Run rate synergies
- $1 billion+ annual run-rate cost synergies
- Pro forma ownership
- ~67% Marvell / ~33% Lumentum (fully diluted)
- Combined gross margin
- 57% non-GAAP
- Combined operating margin
- 39% non-GAAP
- Combined annualized revenue
- $17.7B (MRQ annualized, non-GAAP, excl. synergies)
AI analysis
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