# Marvell and Lumentum Announce a $115 Billion All-Stock Merger, the Largest Ever Between Two Public Companies, to Build AI Connectivity Hardware

The chipmaker's CEO calls it a once-in-a-generation chance to build a 'category leader.' Lumentum shareholders would get 4.5 Marvell shares each. Nvidia is an investor in both and, the companies say, is positive about the deal.

- Section: [Economy](https://rightnewsrightnow.com/economy/)
- Published: 2026-11-03
- By: RightNewsRightNow Staff
- Canonical page: https://rightnewsrightnow.com/articles/marvell-lumentum-115-billion-ai-connectivity-fox-business/

Two California tech companies said Monday they will merge in what Fox Business calls the largest combination between two publicly traded companies.

The deal. Marvell Technology will acquire Lumentum for $115 billion in an all-stock transaction. Lumentum shareholders will receive 4.5 shares of Marvell common stock for each share they hold, according to Marvell's announcement. Fox says Lumentum's market value is about $76 billion and Marvell's about $172 billion.

What each does. Marvell designs artificial intelligence chips and technology that powers data centers. Lumentum makes lasers and other optical parts that move data between chips and servers using light. Both are based in Northern California.

The pitch. On "The Claman Countdown," Marvell chairman and CEO Matt Murphy called it a "once in a generation" opportunity and said AI connectivity "is going to be as consequential as" the compute, memory, fab and IP licensing categories. Lumentum CEO Michael Hurlston said he sees a "multiplying effect," with the two doing "much better together in two years than we would on a standalone basis." Murphy said he expects "significant" revenue synergies and that the deal has had "tremendous support" from hyperscalers, the big data-center operators.

Nvidia. Nvidia is a strategic investor in both companies. Hurlston said Murphy raised the idea with Nvidia CEO Jensen Huang early on and that Nvidia's reaction has been "super positive."

What we could not check. These are claims by the two companies' own executives. We have not seen the merger agreement, and the report does not say what regulatory approvals are required, when the deal is expected to close, or what job effects it may have. Whether it delivers the gains promised is not known.

## Source

Original reporting: [Fox Business](https://www.foxbusiness.com/media/marvell-lumentum-tout-historic-115b-deal-create-category-leader-ai-connectivity)