{
  "title": "Marvell to Acquire Lumentum for $115 Billion",
  "publisher": "Acquiry Deal Intelligence",
  "author": "Joash Boyton",
  "url": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/",
  "published": "2026-11-02T13:00:00Z",
  "updated": "2026-11-02T13:00:00Z",
  "licence": "Free to reference with attribution to Acquiry Deal Intelligence and a link to the source URL.",
  "basisNote": "company-disclosed = stated in a company filing or company website; press-sourced = stated by a named news publication; calculated = Acquiry arithmetic on the sourced inputs, formula shown.",
  "rows": [
    {
      "dataset": "sourced-inputs",
      "id": "deal.announced",
      "label": "Announcement date",
      "value": "2026-11-02",
      "unit": "date",
      "display": "November 2, 2026",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://investor.marvell.com/news-events/press-releases/detail/1040/marvell-and-lumentum-to-combine-creating-a-category-leader-in-ai-connectivity",
      "source_title": "Marvell Technology, Inc. and Lumentum (Business Wire), 2 November 2026",
      "evidence": "November 02, 2026",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "deal.value",
      "label": "Implied enterprise value for Lumentum",
      "value": 115000,
      "unit": "usd_m",
      "display": "$115 billion",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://investor.marvell.com/news-events/press-releases/detail/1040/marvell-and-lumentum-to-combine-creating-a-category-leader-in-ai-connectivity",
      "source_title": "Marvell Technology, Inc. and Lumentum (Business Wire), 2 November 2026",
      "evidence": "implied enterprise value of $115 billion",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "deal.exchangeRatio",
      "label": "Fixed exchange ratio (Marvell shares per Lumentum share)",
      "value": 4.5,
      "unit": "x",
      "display": "4.500",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://investor.marvell.com/news-events/press-releases/detail/1040/marvell-and-lumentum-to-combine-creating-a-category-leader-in-ai-connectivity",
      "source_title": "Marvell Technology, Inc. and Lumentum (Business Wire), 2 November 2026",
      "evidence": "fixed exchange ratio of 4.500 shares of Marvell common stock",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "deal.perShare",
      "label": "Implied value per Lumentum share",
      "value": 1132,
      "unit": "usd",
      "display": "$1,132",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://investor.marvell.com/news-events/press-releases/detail/1040/marvell-and-lumentum-to-combine-creating-a-category-leader-in-ai-connectivity",
      "source_title": "Marvell Technology, Inc. and Lumentum (Business Wire), 2 November 2026",
      "evidence": "approximately $1,132 per share",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "deal.premium",
      "label": "Premium to unaffected closing share prices",
      "value": 23.9,
      "unit": "pct",
      "display": "23.9%",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://investor.marvell.com/news-events/press-releases/detail/1040/marvell-and-lumentum-to-combine-creating-a-category-leader-in-ai-connectivity",
      "source_title": "Marvell Technology, Inc. and Lumentum (Business Wire), 2 November 2026",
      "evidence": "premium of approximately 23.9%",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "deal.unaffectedDate",
      "label": "Unaffected closing share price date",
      "value": "2026-10-28",
      "unit": "date",
      "display": "October 28, 2026",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://investor.marvell.com/news-events/press-releases/detail/1040/marvell-and-lumentum-to-combine-creating-a-category-leader-in-ai-connectivity",
      "source_title": "Marvell Technology, Inc. and Lumentum (Business Wire), 2 November 2026",
      "evidence": "October 28, 2026",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "own.marvell",
      "label": "Pro forma ownership by current Marvell stockholders",
      "value": 67,
      "unit": "pct",
      "display": "67%",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://investor.marvell.com/news-events/press-releases/detail/1040/marvell-and-lumentum-to-combine-creating-a-category-leader-in-ai-connectivity",
      "source_title": "Marvell Technology, Inc. and Lumentum (Business Wire), 2 November 2026",
      "evidence": "approximately 67% of the combined company",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "own.lumentum",
      "label": "Pro forma ownership by Lumentum stockholders",
      "value": 33,
      "unit": "pct",
      "display": "33%",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://investor.marvell.com/news-events/press-releases/detail/1040/marvell-and-lumentum-to-combine-creating-a-category-leader-in-ai-connectivity",
      "source_title": "Marvell Technology, Inc. and Lumentum (Business Wire), 2 November 2026",
      "evidence": "approximately 33%",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "market.tam",
      "label": "Total addressable market of the combined company",
      "value": 550000,
      "unit": "usd_m",
      "display": "$550 billion",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://investor.marvell.com/news-events/press-releases/detail/1040/marvell-and-lumentum-to-combine-creating-a-category-leader-in-ai-connectivity",
      "source_title": "Marvell Technology, Inc. and Lumentum (Business Wire), 2 November 2026",
      "evidence": "total addressable market to $550 billion",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "synergies.runRate",
      "label": "Annual run-rate cost synergies (more than)",
      "value": 1000,
      "unit": "usd_m",
      "display": "More than $1 billion",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://investor.marvell.com/news-events/press-releases/detail/1040/marvell-and-lumentum-to-combine-creating-a-category-leader-in-ai-connectivity",
      "source_title": "Marvell Technology, Inc. and Lumentum (Business Wire), 2 November 2026",
      "evidence": "more than $1 billion in annual run-rate cost synergies",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "board.new",
      "label": "Lumentum directors joining Marvell’s Board",
      "value": 3,
      "unit": "count",
      "display": "3 directors",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://investor.marvell.com/news-events/press-releases/detail/1040/marvell-and-lumentum-to-combine-creating-a-category-leader-in-ai-connectivity",
      "source_title": "Marvell Technology, Inc. and Lumentum (Business Wire), 2 November 2026",
      "evidence": "three members of Lumentum's Board of Directors",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "board.current",
      "label": "Current size of Marvell’s Board",
      "value": 7,
      "unit": "count",
      "display": "7 directors",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://investor.marvell.com/news-events/press-releases/detail/1040/marvell-and-lumentum-to-combine-creating-a-category-leader-in-ai-connectivity",
      "source_title": "Marvell Technology, Inc. and Lumentum (Business Wire), 2 November 2026",
      "evidence": "currently consists of seven directors",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "close.window",
      "label": "Expected closing window",
      "value": 2028,
      "unit": "year",
      "display": "First half of calendar year 2028",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://investor.marvell.com/news-events/press-releases/detail/1040/marvell-and-lumentum-to-combine-creating-a-category-leader-in-ai-connectivity",
      "source_title": "Marvell Technology, Inc. and Lumentum (Business Wire), 2 November 2026",
      "evidence": "first half of calendar year 2028",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "marvell.q2Revenue",
      "label": "Marvell net revenue, second quarter fiscal 2027",
      "value": 2739.3,
      "unit": "usd_m",
      "display": "$2,739.3 million",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1835632/000183563226000022/q227_8kx812026ex-991.htm",
      "source_title": "Marvell Technology, Inc. via SEC (Form 8-K, Exhibit 99.1), 27 August 2026",
      "evidence": "Net revenue $ 2,739.3",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "marvell.q2Growth",
      "label": "Marvell net revenue growth, year on year",
      "value": 37,
      "unit": "pct",
      "display": "37%",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1835632/000183563226000022/q227_8kx812026ex-991.htm",
      "source_title": "Marvell Technology, Inc. via SEC (Form 8-K, Exhibit 99.1), 27 August 2026",
      "evidence": "grew by 37% year-on-year",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "marvell.dcGrowth",
      "label": "Marvell Data Center revenue growth, year over year",
      "value": 46,
      "unit": "pct",
      "display": "46%",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1835632/000183563226000022/q227_8kx812026ex-991.htm",
      "source_title": "Marvell Technology, Inc. via SEC (Form 8-K, Exhibit 99.1), 27 August 2026",
      "evidence": "revenue growth accelerated to 46% year over year",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "marvell.grossMargin",
      "label": "Marvell non-GAAP gross margin, second quarter fiscal 2027",
      "value": 58.9,
      "unit": "pct",
      "display": "58.9%",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1835632/000183563226000022/q227_8kx812026ex-991.htm",
      "source_title": "Marvell Technology, Inc. via SEC (Form 8-K, Exhibit 99.1), 27 August 2026",
      "evidence": "58.9% non-GAAP gross margin",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "marvell.gaapNetIncome",
      "label": "Marvell GAAP net income, second quarter fiscal 2027",
      "value": 308,
      "unit": "usd_m",
      "display": "$308.0 million",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1835632/000183563226000022/q227_8kx812026ex-991.htm",
      "source_title": "Marvell Technology, Inc. via SEC (Form 8-K, Exhibit 99.1), 27 August 2026",
      "evidence": "GAAP net income for the second quarter of fiscal 2027 was $308.0 million",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "marvell.nonGaapNetIncome",
      "label": "Marvell non-GAAP net income, second quarter fiscal 2027",
      "value": 865.9,
      "unit": "usd_m",
      "display": "$865.9 million",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1835632/000183563226000022/q227_8kx812026ex-991.htm",
      "source_title": "Marvell Technology, Inc. via SEC (Form 8-K, Exhibit 99.1), 27 August 2026",
      "evidence": "Non-GAAP net income for the second quarter of fiscal 2027 was $865.9 million",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "marvell.operatingCashFlow",
      "label": "Marvell cash flow from operations, second quarter fiscal 2027",
      "value": 605.5,
      "unit": "usd_m",
      "display": "$605.5 million",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1835632/000183563226000022/q227_8kx812026ex-991.htm",
      "source_title": "Marvell Technology, Inc. via SEC (Form 8-K, Exhibit 99.1), 27 August 2026",
      "evidence": "Cash flow from operations for the second quarter was $605.5 million",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "marvell.cash",
      "label": "Marvell cash and cash equivalents at 1 August 2026",
      "value": 3932.8,
      "unit": "usd_m",
      "display": "$3,932.8 million",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1835632/000183563226000022/q227_8kx812026ex-991.htm",
      "source_title": "Marvell Technology, Inc. via SEC (Form 8-K, Exhibit 99.1), 27 August 2026",
      "evidence": "Cash and cash equivalents $ 3,932.8",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "marvell.rd",
      "label": "Marvell research and development expense, second quarter fiscal 2027",
      "value": 741.1,
      "unit": "usd_m",
      "display": "$741.1 million",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1835632/000183563226000022/q227_8kx812026ex-991.htm",
      "source_title": "Marvell Technology, Inc. via SEC (Form 8-K, Exhibit 99.1), 27 August 2026",
      "evidence": "Research and development 741.1",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "marvell.totalAssets",
      "label": "Marvell total assets at 1 August 2026",
      "value": 27554.6,
      "unit": "usd_m",
      "display": "$27,554.6 million",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1835632/000183563226000022/q227_8kx812026ex-991.htm",
      "source_title": "Marvell Technology, Inc. via SEC (Form 8-K, Exhibit 99.1), 27 August 2026",
      "evidence": "Total assets $ 27,554.6",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#deal-data"
    },
    {
      "dataset": "calculations",
      "id": "value-vs-q2-revenue",
      "label": "Transaction value divided by one quarter of Marvell net revenue (a comparison of two amounts)",
      "value": 41.9815,
      "unit": "x",
      "display": "42x",
      "basis": "calculated",
      "formula": "Implied enterprise value for Lumentum ÷ Marvell net revenue, second quarter fiscal 2027",
      "inputs": "deal.value | marvell.q2Revenue",
      "source": "",
      "source_title": "",
      "evidence": "Sizes the transaction against the revenue Marvell earned in its latest quarter, in the same currency.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#calc-value-vs-q2-revenue"
    },
    {
      "dataset": "calculations",
      "id": "value-vs-cash",
      "label": "Transaction value divided by Marvell cash and cash equivalents (a comparison of two amounts)",
      "value": 29.2413,
      "unit": "x",
      "display": "29.2x",
      "basis": "calculated",
      "formula": "Implied enterprise value for Lumentum ÷ Marvell cash and cash equivalents at 1 August 2026",
      "inputs": "deal.value | marvell.cash",
      "source": "",
      "source_title": "",
      "evidence": "Shows why the consideration is paid in shares rather than from cash on hand.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#calc-value-vs-cash"
    },
    {
      "dataset": "calculations",
      "id": "value-vs-total-assets",
      "label": "Transaction value divided by Marvell total assets (a comparison of two amounts)",
      "value": 4.1735,
      "unit": "x",
      "display": "4.17x",
      "basis": "calculated",
      "formula": "Implied enterprise value for Lumentum ÷ Marvell total assets at 1 August 2026",
      "inputs": "deal.value | marvell.totalAssets",
      "source": "",
      "source_title": "",
      "evidence": "Puts the transaction against the size of Marvell’s balance sheet at the latest quarter end.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#calc-value-vs-total-assets"
    },
    {
      "dataset": "calculations",
      "id": "synergies-share-of-value",
      "label": "Minimum run-rate cost synergies as a share of transaction value",
      "value": 0.8696,
      "unit": "pct",
      "display": "0.87%",
      "basis": "calculated",
      "formula": "Annual run-rate cost synergies (more than) ÷ Implied enterprise value for Lumentum × 100",
      "inputs": "synergies.runRate | deal.value",
      "source": "",
      "source_title": "",
      "evidence": "Relates the stated synergy target to the transaction value. The synergy figure is a minimum, stated as more than $1 billion.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#calc-synergies-share-of-value"
    },
    {
      "dataset": "calculations",
      "id": "tam-vs-value",
      "label": "Combined addressable market divided by transaction value (a comparison of two amounts)",
      "value": 4.7826,
      "unit": "x",
      "display": "4.78x",
      "basis": "calculated",
      "formula": "Total addressable market of the combined company ÷ Implied enterprise value for Lumentum",
      "inputs": "market.tam | deal.value",
      "source": "",
      "source_title": "",
      "evidence": "Compares the size of the market the companies describe with the value of the transaction.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#calc-tam-vs-value"
    },
    {
      "dataset": "calculations",
      "id": "ownership-ratio",
      "label": "Marvell stockholder ownership divided by Lumentum stockholder ownership",
      "value": 2.0303,
      "unit": "x",
      "display": "2.03x",
      "basis": "calculated",
      "formula": "Pro forma ownership by current Marvell stockholders ÷ Pro forma ownership by Lumentum stockholders",
      "inputs": "own.marvell | own.lumentum",
      "source": "",
      "source_title": "",
      "evidence": "States the pro forma ownership split as a single ratio.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#calc-ownership-ratio"
    },
    {
      "dataset": "calculations",
      "id": "rd-share-of-revenue",
      "label": "Marvell research and development as a share of net revenue, second quarter fiscal 2027",
      "value": 27.0544,
      "unit": "pct",
      "display": "27.1%",
      "basis": "calculated",
      "formula": "Marvell research and development expense, second quarter fiscal 2027 ÷ Marvell net revenue, second quarter fiscal 2027 × 100",
      "inputs": "marvell.rd | marvell.q2Revenue",
      "source": "",
      "source_title": "",
      "evidence": "Shows how much of each revenue dollar Marvell reinvested in research and development.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#calc-rd-share-of-revenue"
    },
    {
      "dataset": "calculations",
      "id": "gaap-net-margin",
      "label": "Marvell GAAP net income as a share of net revenue, second quarter fiscal 2027",
      "value": 11.2437,
      "unit": "pct",
      "display": "11.2%",
      "basis": "calculated",
      "formula": "Marvell GAAP net income, second quarter fiscal 2027 ÷ Marvell net revenue, second quarter fiscal 2027 × 100",
      "inputs": "marvell.gaapNetIncome | marvell.q2Revenue",
      "source": "",
      "source_title": "",
      "evidence": "Shows the GAAP net margin of the buyer in its latest quarter.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#calc-gaap-net-margin"
    },
    {
      "dataset": "calculations",
      "id": "cash-flow-share-of-revenue",
      "label": "Marvell operating cash flow as a share of net revenue, second quarter fiscal 2027",
      "value": 22.1042,
      "unit": "pct",
      "display": "22.1%",
      "basis": "calculated",
      "formula": "Marvell cash flow from operations, second quarter fiscal 2027 ÷ Marvell net revenue, second quarter fiscal 2027 × 100",
      "inputs": "marvell.operatingCashFlow | marvell.q2Revenue",
      "source": "",
      "source_title": "",
      "evidence": "Shows how much of the quarter’s revenue converted to operating cash.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/#calc-cash-flow-share-of-revenue"
    },
    {
      "dataset": "key-figures",
      "id": "key-figure-1",
      "label": "Implied enterprise value",
      "value": "$115 billion",
      "unit": "",
      "display": "$115 billion",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Stated in the joint announcement of 2 November 2026.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/"
    },
    {
      "dataset": "key-figures",
      "id": "key-figure-2",
      "label": "Exchange ratio",
      "value": "4.500",
      "unit": "",
      "display": "4.500",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Marvell shares for each Lumentum share, fixed.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/"
    },
    {
      "dataset": "key-figures",
      "id": "key-figure-3",
      "label": "Combined market",
      "value": "$550 billion",
      "unit": "",
      "display": "$550 billion",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Total addressable market for the combined company.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/"
    },
    {
      "dataset": "key-figures",
      "id": "key-figure-4",
      "label": "Marvell Q2 revenue",
      "value": "$2.739 billion",
      "unit": "",
      "display": "$2.739 billion",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "A record, up 37% year on year, in its second-quarter results of 27 August 2026.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/"
    },
    {
      "dataset": "key-facts",
      "id": "key-fact-1",
      "label": "Implied enterprise value",
      "value": "$115 billion",
      "unit": "",
      "display": "$115 billion",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "The implied enterprise value for Lumentum stated in the joint announcement of 2 November 2026.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/"
    },
    {
      "dataset": "key-facts",
      "id": "key-fact-2",
      "label": "Consideration",
      "value": "All stock, 4.500 ratio",
      "unit": "",
      "display": "All stock, 4.500 ratio",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Each Lumentum share converts into 4.500 shares of Marvell common stock at a fixed exchange ratio.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/"
    },
    {
      "dataset": "key-facts",
      "id": "key-fact-3",
      "label": "Premium",
      "value": "23.9%",
      "unit": "",
      "display": "23.9%",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Approximately $1,132 per Lumentum share, measured against unaffected closing prices of 28 October 2026.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/"
    },
    {
      "dataset": "key-facts",
      "id": "key-fact-4",
      "label": "Ownership",
      "value": "67% Marvell, 33% Lumentum",
      "unit": "",
      "display": "67% Marvell, 33% Lumentum",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Pro forma ownership of the combined company on a fully diluted basis.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/"
    },
    {
      "dataset": "key-facts",
      "id": "key-fact-5",
      "label": "Synergies",
      "value": "More than $1 billion",
      "unit": "",
      "display": "More than $1 billion",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Line of sight to annual run-rate cost synergies, with accretion to Marvell non-GAAP EPS in year one post-close.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/"
    },
    {
      "dataset": "key-facts",
      "id": "key-fact-6",
      "label": "Expected close",
      "value": "First half of 2028",
      "unit": "",
      "display": "First half of 2028",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Subject to stockholder approvals, regulatory approvals and other customary closing conditions.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/marvell-to-acquire-lumentum/"
    }
  ],
  "sources": [
    {
      "id": "s1",
      "title": "Marvell and Lumentum to Combine, Creating a Category Leader in AI Connectivity",
      "href": "https://investor.marvell.com/news-events/press-releases/detail/1040/marvell-and-lumentum-to-combine-creating-a-category-leader-in-ai-connectivity",
      "publisher": "Marvell Technology, Inc. and Lumentum (Business Wire)",
      "date": "2 November 2026",
      "isoDate": "2026-11-02",
      "kind": "Press release"
    },
    {
      "id": "s2",
      "title": "Marvell Technology, Inc. Reports Second Quarter of Fiscal Year 2027 Financial Results",
      "href": "https://www.sec.gov/Archives/edgar/data/1835632/000183563226000022/q227_8kx812026ex-991.htm",
      "publisher": "Marvell Technology, Inc. via SEC (Form 8-K, Exhibit 99.1)",
      "date": "27 August 2026",
      "isoDate": "2026-08-27",
      "kind": "SEC filing"
    }
  ]
}