正文 · AI 翻译
IT Home reported on November 3 that U.S. semiconductor company Marvell announced yesterday (November 2) an all-stock acquisition of optical communications company Lumentum for approximately $115 billion (IT Home note: approximately 766.52 billion yuan at the current exchange rate).
Under the definitive agreement reached by the two companies, Lumentum’s implied enterprise value is approximately $115 billion (approximately 766.52 billion yuan at the current exchange rate), equivalent to about $1,132 per share (approximately 7,545 yuan at the current exchange rate), a premium of approximately 23.9% over its share price before rumors of the deal emerged (October 28).
After the transaction is completed, existing Marvell shareholders are expected to own approximately 67% of the combined company, while Lumentum shareholders will own approximately 33%. The transaction still requires approval from both companies’ shareholders and regulatory authorities and is expected to close in the first half of 2028.
Marvell Chairman and CEO Matt Murphy will continue as chairman and CEO of the combined company; Lumentum CEO Michael Hurlston and 2 other Lumentum directors will join Marvell’s board of directors.
Market research firm CounterPoint Research believes the central rationale for the merger is to seize a critical window in AI data centers’ shift from copper cables to optical interconnects. As AI model sizes, cluster sizes and data traffic expand rapidly, traditional copper connections face bottlenecks in bandwidth, distance and energy consumption, significantly increasing the importance of technologies such as high-speed lasers, optical transceivers, silicon photonics and optical circuit switching.
Marvell has strengths in electrical and optical interconnects, network switching, custom XPUs and advanced semiconductors; Lumentum has capabilities in high-performance lasers, optical transceivers, optical circuit switching and the manufacture of compound semiconductors such as indium phosphide.
The 2 companies say the merger will create full-stack connectivity capabilities spanning CMOS, silicon photonics, compound semiconductors, advanced packaging and manufacturing, serving a range of connection scenarios from distributed data centers to the interiors of chip packages.
Financially, the 2 companies expect the combined company’s addressable market to expand to $550 billion (approximately 3.67 trillion yuan at the current exchange rate) and the merger to generate more than $1 billion (approximately 6.665 billion yuan at the current exchange rate) in annual run-rate cost synergies; the transaction is expected to increase Marvell’s non-GAAP earnings per share in the first year after closing.
Counterpoint Research Vice President Neil Shah said the deal is bold on 2 fronts: its financial terms are relatively aggressive, but its strategic rationale is very solid. Marvell has long benchmarked itself against Broadcom, and by acquiring Lumentum it will not only achieve that goal but even exceed expectations; Lumentum’s capacity is fully booked through early 2029, and building a new indium phosphide (InP) wafer fab takes several years, so Marvell is buying assured access to a scarce resource on which its competitors also depend.
Counterpoint Associate Director Gareth Owen added that, as AI data center networks migrate from copper cables to co-packaged optics, Marvell is hedging against technology path risk by acquiring lasers. Lasers are essential components that remain indispensable through architectural changes and were previously a gap in Marvell’s product portfolio; after the transaction closes, Marvell will be able to produce lasers in-house.
The combined company’s businesses will span DSPs, drivers, TIAs, silicon photonics, switch chips, custom XPUs, Celestial AI’s optical networking architecture, CW and EML lasers, external light sources, data communications and coherent optical modules, and optical circuit switches (OCS).
Broadcom is the closest peer to this business portfolio, pairing custom chips with its own indium phosphide wafer fab, but Marvell’s presence in optical modules, coherent optical communications and OCS goes further.
According to publicly available information consulted by IT Home, as of November 2026, Marvell’s acquisition of Lumentum at an enterprise value of approximately $115 billion (approximately 766.52 billion yuan at the current exchange rate) can be regarded as the largest agreed merger or acquisition in the history of the semiconductor industry.
The previous record for the largest semiconductor industry acquisition was held by AMD’s acquisition of Xilinx, completed in 2022, whose final transaction value was approximately $49 billion (approximately 326.604 billion yuan at the current exchange rate). However, if acquisitions that were ultimately blocked or withdrawn are included, it ranks second only to Broadcom’s approximately $121 billion (approximately 806.513 billion yuan at the current exchange rate) bid for Qualcomm.
Bloomberg said, on a share basis, according to data compiled by Bloomberg, the Lumentum acquisition is this year’s largest merger or acquisition by equity transaction value. It is also the second-largest technology deal in history, behind only SpaceX’s acquisition of xAI. Calculated by equity value, excluding the merger of SpaceX and xAI, it is this year’s largest merger or acquisition and the largest in the history of the global technology industry.