Marvell Technology and Lumentum have entered into a definitive agreement under which Marvell will acquire Lumentum in an all-stock transaction. Under the terms of the agreement, Lumentum shareholders will receive 4.5 shares of Marvell common stock for each Lumentum share they hold. Upon completion of the transaction, existing Marvell shareholders are expected to own approximately 67% of the combined company, while Lumentum shareholders will hold approximately 33%. The deal is expected to close in the first half of 2028, subject to shareholder approval by both companies and regulatory clearance. Marvell anticipates that the combination will generate more than $1 billion in annual cost synergies and will be accretive to non-GAAP earnings per share in the first year after closing. The combined company's total addressable market is projected to expand to $550 billion.