Technology
Marvell bets $115 billion of stock on optical links for AI clusters
Marvell will acquire Lumentum in an all-stock deal carrying an implied enterprise value of $115 billion, or about $1,132 per Lumentum share, a 23.9% premium to the undisturbed price on 28 October. Lumentum holders receive 4.5 Marvell shares each and would own roughly 33% of the combined company. Marvell frames lasers and optical circuit switching as the scarce half of AI networking, citing a $550 billion addressable market, more than $1 billion of targeted cost synergies and a close in the first half of 2028.