Marvell nabs Lumentum in a $115B all-stock blockbuster

Marvell Technology has agreed to acquire Lumentum Holdings in an all-stock transaction valued at $115 billion, according to Breaking The News. The deal hands the chipmaker control of a data center optics specialist that Nvidia has backed — a piece of the AI supply chain that has become impossible to ignore.

The sticker price is a leap. Reports as recently as Thursday had Marvell in advanced talks to buy Lumentum for roughly $85 billion in stock, according to Bloomberg. Investors balked at that version: Marvell's shares plunged more than 12% once word of the talks got out, a swift verdict on the cost of the play.

Lumentum makes the optical components that shuttle data around inside the sprawling data centers powering the AI boom. Reports framed the tie-up as a way for Marvell to grab greater control over technology it depends on. With Nvidia already holding a stake in Lumentum, the optics business sits close to the center of the industry's buildout.

The announcement is fresh, and the details are still coming. Breaking The News is updating the story, with terms beyond the headline number — financing structure, approvals and timing — not yet laid out. Marvell's shareholders, rattled once already this week, will get the next word.

For now the headline fact is simple: a deal first whispered at $85 billion has landed at $115 billion, and Marvell is paying in stock.