Marvell is buying Lumentum for $115B: what the optical bet means for AI cluster power, and what a fixed 4.5x exchange ratio really locks in

<h2> TL;DR </h2> <p>On November 2, 2026, Marvell Technology and Lumentum announced a definitive agreement under which Marvell will acquire Lumentum in an all-stock deal valued at an implied enterprise value of $115 billion. Each Lumentum share converts into 4.500 Marvell shares, Lumentum holders would own about 33% of the combined company, and closing is expected in the first half of 2028. The sam

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