购置
马维尔同意在全高铁AI连通性交易中获得Lummentum
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Marvel Technology and Lumentum 称在2026年11月2日的联合公告中表示，他们已经达成最终协议，让Marvel在一项含意为1,150亿美元企业价值的全股交易中收购Lumentum，将电气技术与光学技术结合用于AI连接。
每个Lummentum共同股在收盘时会转换为 4.500 Marvell 共同股，现金支付取而代之分数股。 根据2026年10月28日，即市场开始对潜在交易进行投机的最后一个交易日，每个公司未受影响地收盘股价，公司认为隐含价值约为每卢门通共同股1,132美元，溢价约为23.9%。 目前的马维尔公司股东在关闭后将在完全被稀释的基础上拥有大约67%的合并公司，而卢门通公司股东则大约占33%。 两家公司的董事会一致批准了该协议。
已执行的并购协议于2026年11月1日建立双步结构，使用两个全资拥有的马维尔收购子公司。 第一子公司合并为Lumentum公司，最初作为全资的马维尔子公司生存；幸存的公司后又迅速合并为第二子公司。 纪念系列一个可转换的首选股会使用其基础共同股转换权和相同的交换比率转换为马维尔共同股，除非持有者选择为每个卢门特姆首选股获得一股新的马维尔系列B首选股。
综合AI 连通性组合
马维尔贡献了电气和光学互联，网络切换，自定义的XPU和XPU-attach产品，以及先进的半导体技术。 Lumentum促进高性能激光器，光学收发器，光学电路切换和专用复合半导体制造。 关闭后，投资组合预计将跨越领先的CMOS、硅光子、复合半导体、先进包装和制造能力。
计划中的组合旨在支持在电气和光学信号链上进行更密切的联合设计，连接范围从分布式数据中心到高级半导体包内的链接。 公司期望为高产量生产开发优化的、经过验证的光学解决方案，并解决规模交叉、规模扩大、规模扩大和规模化的连通问题。 Lummentum也为带来 indium-phosphide工艺技术以及高速和高功率激光能力，公司计划与半导体设计和高级包装相结合来进行更深层次的多相融合。
市场预测和领导
公司预测，合并公司的总可解决市场将扩大到5,500亿美元，实现10多亿美元的年运行率成本协同效应。 他们还期望交易能促进长期收入增长。
马特·墨菲在闭幕后将继续担任董事长和首席执行官。 包括Lumentum总裁和CEO迈克尔·赫尔斯通在内的三位Lumentum董事将加入目前由7名董事组成的Marvel的董事会。 合并协议要求Lumentum被设计人从其现有的董事会中挑选，并被马维尔合理接受。
核准条件和终止条件
公司预计交易会于2028日历年上半年结束，但须经股东和监管部门的批准以及其他习惯条件。 卢门通股票持有者必须采用并购协议，而马维尔股票持有者必须批准股票发行并修改章程，增加授权的马维尔共同股份。
Marvell的表格8-K列出了其他条件，包括适用的美国反托拉斯等待期的到期或终止、具体的监管批准、载有联合代理声明和计划书的登记声明的有效性、以及将新发行的Marvell股份列入名单的授权。 最初的外出日期为太平洋时间2027年11月1日晚上11:59分，在规定情况下可能延长至2028年2月1日，2028年5月1日，2028年8月1日，但具体情况下尚未获得监管批准。
如果Lumentum因为Marvell的董事会撤回其建议而终止，或者如果Marvell终止就上级建议达成协议，Marvell将支付58亿美元的终止费。 收费也适用于涉及替代交易建议的特定情况，Marvel同意或完成公司大多数在终止12个月内的替代交易。 卢门通有对等义务，收费为29亿美元。
将另外支付32亿美元的Marvel管制终止费，用于在外部日期前未关闭、最后不可上诉的反托拉斯或外国投资限制或最后不可上诉的拒绝批准等具体终止。 在每一种情况下，非监管性关闭条件必须满足或能够满足。
登记声明、联合代理材料、股东投票和监管许可仍然是关闭前的有记录的步骤。 该协议后来的超期延期只适用于具体的监管延误，使批准条件得以落实。
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Acquisitions
Marvell Agrees to Acquire Lumentum in All-Stock AI Connectivity Deal
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Marvell Technology and Lumentum said in a joint announcement on November 2, 2026, that they had entered a definitive agreement for Marvell to acquire Lumentum in an all-stock transaction with an implied enterprise value of $115 billion, combining electrical and optical technologies for AI connectivity.
Each Lumentum common share will convert into 4.500 Marvell common shares at closing, with cash paid in lieu of fractional shares. The companies put the implied value at approximately $1,132 per Lumentum common share and the premium at approximately 23.9%, based on each company’s unaffected closing share price on October 28, 2026, the last trading day before market speculation about a potential transaction began. Current Marvell stockholders would own approximately 67% of the combined company on a fully diluted basis after closing, and Lumentum stockholders approximately 33%. Both companies’ boards unanimously approved the agreement.
The executed merger agreement, dated November 1, 2026, establishes a two-step structure using two wholly owned Marvell acquisition subsidiaries. The first subsidiary merges into Lumentum, which initially survives as a wholly owned Marvell subsidiary; that surviving corporation then merges promptly into the second subsidiary. Lumentum’s Series A convertible preferred shares will convert into Marvell common shares using their underlying common-share conversion rights and the same exchange ratio, unless a holder elects to receive one new Marvell Series B preferred share for each Lumentum preferred share.
Combined AI Connectivity Portfolio
Marvell contributes electrical and optical interconnect, network switching, custom XPU and XPU-attach products, and advanced semiconductor technology. Lumentum contributes high-performance lasers, optical transceivers, optical circuit switching and specialized compound-semiconductor manufacturing. After closing, the portfolio is expected to span leading-edge CMOS, silicon photonics, compound semiconductors, advanced packaging and manufacturing capabilities.
The planned combination is designed to support closer co-design across the electrical and optical signal chain, with connectivity ranging from distributed data centers to links within advanced semiconductor packages. The companies expect to develop optimized, pre-validated optical solutions for high-volume production and to address scale-across, scale-out, scale-up and scale-in connectivity. Lumentum also brings indium-phosphide process technology and high-speed and high-power laser capabilities, which the companies plan to combine with semiconductor design and advanced packaging for deeper heterogeneous integration.
Market Projections and Leadership
The companies project that the combined company’s total addressable market will expand to $550 billion, with a path to more than $1 billion in annual run-rate cost synergies. They also expect the transaction to enhance long-term revenue growth.
Matt Murphy will remain chairman and CEO after closing. Three Lumentum directors, including Lumentum president and CEO Michael Hurlston, will join Marvell’s board, which currently consists of seven directors. The merger agreement requires the Lumentum designees to be selected from its existing board and to be reasonably acceptable to Marvell.
Approval Conditions and Termination Terms
The companies expect the transaction to close in the first half of calendar year 2028, subject to stockholder and regulatory approvals and other customary conditions. Lumentum stockholders must adopt the merger agreement, while Marvell stockholders must approve the share issuance and a charter amendment increasing the number of authorized Marvell common shares.
Marvell’s Form 8-K lists additional conditions, including expiration or termination of the applicable US antitrust waiting period, specified regulatory approvals, effectiveness of the registration statement containing the joint proxy statement and prospectus, and authorization to list the newly issued Marvell shares. The initial outside date is 11:59 p.m. Pacific Time on November 1, 2027, with possible extensions to February 1, 2028, May 1, 2028, and August 1, 2028, in specified circumstances when required regulatory approvals have not been obtained.
Marvell would pay a $5.8 billion termination fee if Lumentum terminates because Marvell’s board withdraws its recommendation or if Marvell terminates to enter into an agreement for a superior proposal. The fee also applies in specified cases involving an alternative-transaction proposal followed by Marvell agreeing to or completing an alternative transaction for a majority of the company within twelve months of termination. Lumentum has reciprocal obligations carrying a $2.9 billion fee.
A separate $3.2 billion Marvell regulatory termination fee would apply to specified terminations involving failure to close by the outside date, a final non-appealable antitrust or foreign-investment restraint, or a final non-appealable denial of a required approval. In each case, the non-regulatory closing conditions must be satisfied or capable of satisfaction.
The registration statement, joint proxy materials, stockholder votes and regulatory clearances remain the documented steps before closing. The agreement’s later outside-date extensions apply only to specified regulatory delays, leaving the approval conditions in place.
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