Marvell Agrees to Acquire Lumentum in $115 Billion All-Stock Deal
Marvell agreed to acquire Lumentum in an all-stock transaction with an implied enterprise value of $115 billion. Lumentum shareholders will receive 4.5 Marvell shares per share, with closing expected in the first half of 2028. Raymond James upgraded Lumentum to Strong Buy.
Raymond James analyst Simon Leopold upgraded Lumentum to Strong Buy following the announcement that Marvell has agreed to acquire the company in an all-stock transaction. The deal, which carries an implied enterprise value of $115 billion, entitles Lumentum shareholders to receive 4.5 Marvell shares for each Lumentum share held, with an expected closing date in the first half of 2028. Beyond the merger, the analyst noted Lumentum's strong operating performance, including fiscal first-quarter revenue of $1.26 billion, representing a 136% year-over-year increase, and non-GAAP EPS of $4.57.
The company also provided guidance for fiscal second-quarter revenue in the range of $1.575 billion to $1.625 billion.