Marvell agrees to buy Lumentum for $115 billion in an AI optics deal

An all-stock merger at an enterprise value of $115 billion, with 4.5 Marvell shares per Lumentum share. Marvell holders would own about 67 percent of the combined company. Tom's Hardware, citing the joint release, says closing is expected in the first half of 2028, subject to approvals.

Why it matters: Optical links are becoming a core bottleneck as AI clusters outgrow what copper can reach.