Marvell agreed to acquire Lumentum in an all-stock deal with an implied enterprise value of about $115B, paying 4.5 Marvell shares per Lumentum share (about $1,132/share, a 23.9% premium to the Oct 28 unaffected close). The combined AI-connectivity company targets a $550B addressable market, with closing expected in the first half of 2028.
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