Marvell Technology is in advanced talks to buy data center optics maker Lumentum Holdings, according to people familiar with the matter, Bloomberg reported on Wednesday (Oct. 28). The people said a transaction may be announced as soon as next week, and asked not to be identified because the discussions are private. Bloomberg described Lumentum as backed by Nvidia and gave market values of about $83 billion for Lumentum and around $221 billion for Marvell.
Reuters reported Bloomberg’s account. In a separate Reuters report, it said a source familiar with the matter told Reuters on Wednesday that a deal could be announced as soon as next week. Reuters said Bloomberg first reported the discussions. Marvell and Lumentum did not immediately respond to Reuters requests for comment. A Seeking Alpha summary said Bloomberg could not immediately reach representatives of either company.
No price, structure or terms appear in Bloomberg’s free excerpt or in Reuters’ reports. Bloomberg also reported that no final agreement has been reached and that the timing is subject to change, according to a Dow Jones Newswires report. Bloomberg’s full article is paywalled, so details beyond those excerpts could not be checked.
In premarket trading on Thursday, Marvell shares fell 9.5% to $227.64, Reuters said, while Lumentum shares rose 4.8% after the talks were reported. Reuters said Marvell’s stock had nearly tripled this year and Lumentum’s had more than doubled as of Wednesday’s close.
Analysts gave early views, Reuters said. Piper Sandler said it thinks a deal would make strategic sense for Marvell because optical networking is becoming more important in AI, to speed data transfer and reduce power consumption. Bernstein analysts said Marvell had about $3.92 billion in cash and cash equivalents as of its latest quarter and that an acquisition of this size would likely require additional financing and could present integration challenges. Reuters also said Marvell announced a $3.25 billion deal for photonics firm Celestial AI late last year.
Sources
- Bloomberg (Ryan Gould), via Bloomberg Law free excerpt: Marvell Is Said to Near Megadeal for Lumentum in AI Push (October 29, 2026; excerpt truncated after the lede and market values)
- Reuters via ETTelecom: Marvell in advanced talks to buy Lumentum: Report (October 29, 2026)
- Reuters via MarketScreener: Marvell Technology in advanced talks to buy optics maker Lumentum, source says (October 28, 2026; read via search-index excerpt, site blocks direct fetch)
- Reuters market brief via Boursorama (machine-translated by Reuters from English): Marvell Technology recule apres l’annonce… (October 29, 2026)
- Dow Jones Newswires via MarketScreener: Marvell Shares Fall on Report of Talks to Acquire Lumentum (October 28-29, 2026; search-index excerpt)
- Seeking Alpha via TradingView: Lumentum jumps on report Marvell in advanced talks to acquire (October 28, 2026)