Marvell to buy Lumentum in $115 billion deal in AI data-center bet

Marvell agreed to acquire Lumentum in a deal valued at about $115 billion, including an equity value of $102.54 billion, by paying $1,132 per share, a 23.9% premium to Lumentum's unaffected closing price. Marvell expects the combination to expand its addressable market to $550 billion and strengthen its photonics and AI data-center networking business; Marvell shares rose 2.8% in premarket trading.