Marvell Technology — Q3 FY2027 Earnings Summary

Marvell Technology has entered into a definitive agreement to acquire Lumentum in an all-stock transaction valued at an implied enterprise value of $115 billion. Under the terms, Lumentum shareholders will receive 4.5 shares of Marvell common stock for each Lumentum share, resulting in a post-closing ownership split of approximately 67% for Marvell and 33% for Lumentum. The combined entity aims to create a category leader in AI connectivity by integrating Marvell's electrical interconnect and switching technologies with Lumentum's optical and laser capabilities. The transaction is projected to expand the total addressable market to $550 billion, deliver over $1 billion in annual cost synergies, and be accretive to Marvell's non-GAAP earnings per share in the first year following closing.