跟进：Marvell 敲定全股票收购 Lumentum，企业价值约 1,150 亿美元
圣克拉拉，11 月 3 日——半导体厂商 Marvell Technology（纳斯达克代码：MRVL）与光电厂商 Lumentum Holdings（纳斯达克代码：LITE）11 月 2 日联合宣布，双方已达成最终协议，Marvell 将以全股票方式收购 Lumentum，交易对 Lumentum 的隐含企业价值约为 1,150 亿美元。本站 10 月 29 日曾报道两家公司正在洽谈交易，数日之后，传闻正式落地为签约。
根据协议，Lumentum 股东所持的每股股票将按固定 4.500 股的比例换取 Marvell 普通股，折合每股约 1,132 美元，较两家公司 10 月 28 日——即市场传出交易洽谈消息前最后一个交易日——的未受影响收盘价溢价约 23.9%。按这一价格测算，交易股权价值约为 1,025 亿美元（据路透社测算），企业价值约 1,150 亿美元（含所承担的债务）。交易完成后，Marvell 现有股东将持有合并后公司约 67% 的股份，Lumentum 股东约持 33%（按完全稀释口径）。两家公司董事会均已一致通过这项协议。
交割后，Matt Murphy 将继续担任合并后公司的董事长兼首席执行官；Lumentum 的三名董事将加入 Marvell 董事会，其中包括 Lumentum 首席执行官 Michael Hurlston（Marvell 董事会目前有七名董事）。交易预计于 2028 年上半年交割，尚需获得两家公司股东批准、监管批准并满足其他惯例交割条件；在此之前，两家公司继续独立运营。
两家公司表示，超级智能（SI）基础设施的带宽需求快速增长、铜基连接的物理局限日益凸显，正推动行业加速向光学技术转向。Marvell 的强项在电与光互连、网络交换、定制芯片（XPU）与先进半导体技术，Lumentum 则带来高性能激光器、光收发模块、光路交换（OCS）与化合物半导体制造能力。合并后公司的可触达市场预计扩大至 5,500 亿美元，并有望实现每年逾 10 亿美元的运行率成本协同；交易预计在交割后第一年即增厚 Marvell 的非 GAAP（调整后）每股收益。
Marvell 董事长兼首席执行官 Matt Murphy 在公告中说：「AI 基础设施正经历一场向光连接的根本性架构转变，这创造了一个一代人只有一次的机遇。率先行动、帮助定义这场转变的公司，将为未来数十年定下标准。」Lumentum 总裁兼首席执行官 Michael Hurlston 表示，加入 Marvell 将造就一家「在把握 5,500 亿美元市场机遇上独具优势」的公司。
公告当日（11 月 2 日），两家公司股价双双大跌。据市场收盘数据，Marvell 收跌 12.7%，报 171.41 美元；Lumentum 收跌 18.6%，报 684.40 美元。由于换股比例固定，Lumentum 股东最终所得将随 Marvell 股价浮动：按 11 月 2 日收盘价计算，4.500 股 Marvell 股票约值 771 美元，明显低于按 10 月 28 日价格测算的每股约 1,132 美元。
同日，Lumentum 公布 2027 财年第一季度业绩，营收同比增长 136.5% 至 12.6 亿美元；Marvell 则公布 2027 财年第三季度初步营收，与此前指引一致——维持指引中点，并将预期区间由上下浮动 5% 收窄至 2%。两家公司已于 11 月 2 日举行联合电话会议说明这项交易。
关联：报道称芯片厂商 Marvell 与光器件厂商 Lumentum 正在洽谈交易，两家股价异动
（来源：Marvell 与 Lumentum）
Follow-Up: Marvell Seals All-Stock Acquisition of Lumentum at an Implied $115 Billion Enterprise Value
SANTA CLARA, Calif., November 3 — Marvell Technology, Inc. (NASDAQ: MRVL) and Lumentum Holdings Inc. (NASDAQ: LITE) announced on November 2 that they have entered into a definitive agreement for Marvell to acquire Lumentum in an all-stock transaction, at an implied enterprise value of about $115 billion for Lumentum. GSM reported on October 29 that the two companies were in deal talks; days later, the talks have become a signed agreement.
Under the agreement, Lumentum stockholders will receive a fixed exchange ratio of 4.500 shares of Marvell common stock for each share of Lumentum common stock they own, implying about $1,132 per share — a premium of about 23.9% based on each company's unaffected closing share price on October 28, 2026, the last trading day before market speculation regarding a potential transaction began. At that price the implied equity value is about $102.5 billion (as calculated by Reuters), and the enterprise value is about $115 billion, including debt assumed. After closing, current Marvell stockholders will own approximately 67% of the combined company on a fully diluted basis, and Lumentum stockholders approximately 33%. The boards of directors of both companies have unanimously approved the agreement.
After closing, Matt Murphy will continue as chairman and CEO of the combined company. Three members of Lumentum's board of directors, including Lumentum CEO Michael Hurlston, will join Marvell's board, which currently consists of seven directors. The transaction is expected to close in the first half of calendar year 2028, subject to approval by Marvell and Lumentum stockholders, receipt of regulatory approvals and other customary closing conditions; until then, the two companies will continue to operate separately.
The companies say rapidly growing bandwidth requirements in super intelligence (SI) infrastructure and the physical limitations of copper-based connectivity are accelerating the industry's transition toward optical technologies. Marvell brings strengths in electrical and optical interconnect, network switching, custom XPU and advanced semiconductor technologies, while Lumentum adds high-performance lasers, optical transceivers, optical circuit switching (OCS) and specialized compound semiconductor manufacturing. The combination is expected to expand the combined company's total addressable market to $550 billion, provide line of sight to more than $1 billion in annual run-rate cost synergies, and be accretive to Marvell's non-GAAP earnings per share in year one post-close.
"AI infrastructure is undergoing a fundamental architectural shift toward optical connectivity, creating an opportunity that comes along once in a generation," said Matt Murphy, Marvell's chairman and CEO. "The companies that move first and help define this transition will set the standard for decades to come." Michael Hurlston, Lumentum's president and CEO, said joining Marvell "creates a company uniquely positioned to capitalize on a market opportunity of $550 billion."
Shares of both companies fell sharply on November 2, the day of the announcement. According to closing market data, Marvell closed down 12.7% at $171.41 and Lumentum closed down 18.6% at $684.40. Because the exchange ratio is fixed, the value Lumentum stockholders ultimately receive will move with Marvell's share price: at the November 2 close, 4.500 Marvell shares were worth about $771, well below the roughly $1,132 per share implied by the October 28 reference prices.
Also on November 2, Lumentum reported fiscal first-quarter 2027 results, with revenue up 136.5% year over year to $1.26 billion, and Marvell reported preliminary fiscal third-quarter 2027 revenue consistent with its previously provided guidance, maintaining the midpoint while narrowing the expected range to plus or minus 2%, from plus or minus 5%. The two companies held a joint conference call the same day to discuss the transaction.
(Source: Marvell and Lumentum)
来源：Marvell 与 Lumentum
发布：GSM·美国（发布链接）
图片来源：图：Marvell 与 Lumentum 两家公司的官方标志（公共领域，经 Wikimedia Commons）。两家公司总部分别位于 Santa Clara 与 San Jose。
GSM Global · 本篇英文版 English edition of this story
- 2026-10-29 11:38报道称芯片厂商 Marvell 与光器件厂商 Lumentum 正在洽谈交易，两家股价异动
- 2026-11-03 05:53跟进：Marvell 敲定全股票收购 Lumentum，企业价值约 1,150 亿美元本篇
