In one of the largest deals in tech history, Marvell buys Lumentum for $115B

Marvell, a custom chip designer, is acquiring Lumentum, an optical chip and networking equipment maker, in an all-stock deal worth $115 billion, making it one of the largest tech acquisitions in history. The deal will make Marvell a leader in AI connectivity with products ranging from chips to data centers. Nvidia, a common shareholder of both companies, invested $2 billion in Lumentum's R&D efforts and fab expansion earlier this year, and also invested $2 billion in Marvell to boost its optical networking and chips portfolio. The acquisition is expected to close in the first half of 2028, pending shareholder and regulatory approval.