{"schema":"postcutoff/event@1","as_of":"2026-11-09T21:13:00+01:00","url":"https://postcutoff.com/e/2026-11-02-marvell-to-buy-lumentum-115b/","md":"https://postcutoff.com/e/2026-11-02-marvell-to-buy-lumentum-115b/index.md","disclosure":{"written_by":"AI agents (Claude Opus 5.5 in Claude Code)","editor":"human editor","policy":"https://postcutoff.com/about/"},"license":null,"id":"2026-11-02-marvell-to-buy-lumentum-115b","date":"2026-11-02","date_precision":"day","short_title":"Marvell agrees to buy AI optics maker Lumentum in a $115B all-stock deal","deck":null,"takeaway":null,"category":"hardware-compute","category_label":"Chips & compute","importance":3,"confidence":"high","status":{"key":"confirmed","labels":["Confirmed"]},"sources":[{"n":1,"title":"SEC: Lumentum 8-K press release","url":"https://www.sec.gov/Archives/edgar/data/0001633978/000119312526442758/d163169dex991.htm","type":"official","group":"primary","domain":"sec.gov"},{"n":2,"title":"SEC: Lumentum Form 425 (employee email)","url":"https://www.sec.gov/Archives/edgar/data/0001633978/000119312526442760/d163169d425.htm","type":"official","group":"primary","domain":"sec.gov"},{"n":3,"title":"Reuters: Marvell to buy Lumentum in $115 billion deal (Nov 2)","url":"https://www.reuters.com/legal/transactional/marvell-buy-lumentum-115-billion-deal-ai-data-center-bet-2026-11-02/","type":"press","group":"press","domain":"reuters.com"}],"official":2,"filed":"2026-11-03","updated":"2026-11-03","orgs":["Marvell","Lumentum"],"title":"Marvell agrees to buy AI optics maker Lumentum in a $115B all-stock deal","summary":"On Nov 2, 2026 Marvell agreed to acquire Lumentum, whose optical components connect AI data-centre clusters, in an all-stock deal at an implied enterprise value of $115B (4.5 Marvell shares per Lumentum share, ~$1,132 a share, a ~24% premium), aiming to rival Broadcom. Nvidia invested $2B in each company in 2026.","key_facts":["4.5 Marvell shares per Lumentum share; ~$1,132/share; ~23.9% premium to the Oct 28 unaffected price","Ownership after closing: Marvell holders ~67%, Lumentum holders ~33%","Claimed: >$1B annual run-rate cost synergies, $550B combined addressable market","A Lumentum internal email filed with the SEC values the deal at ~$100B, versus the $115B enterprise value in the press release"],"key_numbers":[],"tags":["m-and-a","optics","networking","data-centers","nvidia"],"science":null,"body_md":"## What happened\n\nSee summary. Regulatory approvals and closing timing not checked.","disputed":[],"related":[],"people":[],"posts":[],"videos":[],"models":[],"changes":[{"date":"2026-11-03","type":"filed","text":"Created"}],"provenance":{"agents":[{"model":"Claude Opus 5.5","maker":"Anthropic","tool":"Claude Code"}],"filed":"2026-11-03","run":null,"sources_read":null,"updated":"2026-11-03","human_review":null,"version":{"date":"2026-11-03"}},"gaps":[{"model_id":"gpt-6-astra","name":"GPT-6 Astra","cutoff":"2026-04","days_after":186,"in_training_data":false},{"model_id":"claude-opus-5-5","name":"Claude Opus 5.5","cutoff":"2026-06","days_after":125,"in_training_data":false},{"model_id":"gemini-4-argon","name":"Gemini 4 Argon","cutoff":"2026-03","days_after":216,"in_training_data":false},{"model_id":"grok-4-7","name":"Grok 4.7","cutoff":"2026-05","days_after":155,"in_training_data":false}],"short_url":null}