Marvell Technology Inc. has reached a deal to buy data center optics maker Lumentum Holdings Inc. in an all-stock transaction valued at approximately $115 billion, including debt. This acquisition stands as one of the largest in tech history and is a strategic move to capitalize on the artificial intelligence boom.
The combination is a major bet on optical networking technology, which is increasingly utilized in AI data centers. Through this merger, the companies aim to create a category leader in AI connectivity and better serve the growing market for AI data center infrastructure.
Both Marvell and Lumentum share Nvidia as a strategic investor. The deal arrives during a year already filled with megadeals, moving Wall Street past several merger and acquisition milestones.
The AI infrastructure deal is expected to close during the first half of 2028.