Lumentum Holdings Inc. entered into a definitive merger agreement on November 1, 2026, under which Marvell Technology, Inc. will acquire Lumentum in an all-stock transaction with an implied enterprise value of $115 billion. Lumentum stockholders will receive 4.500 shares of Marvell common stock for each share of Lumentum common stock they own. The transaction is expected to close in the first half of calendar year 2028, subject to regulatory and stockholder approvals.
On November 1, 2026, Lumentum entered into an agreement to be acquired by Marvell Technology in an all-stock transaction.
Lumentum stockholders will receive a fixed exchange ratio of 4.500 shares of Marvell common stock for each share of Lumentum common stock, representing an implied enterprise value of $115 billion.
The transaction is expected to close in the first half of calendar year 2028.
Following closing, current Marvell stockholders will own approximately 67% and Lumentum stockholders will own approximately 33% of the combined company.
Lumentum Holdings Inc. reported first-quarter fiscal 2027 net revenue of $1.26 billion with GAAP net income of $360.3 million. The company secured a second major NPO/CPO win with purchase commitments exceeding $5 billion and issued positive revenue and earnings guidance for the second quarter.
Net revenue for the fiscal first quarter ended September 26, 2026, was $1.26 billion.
GAAP net income was $360.3 million, or $3.54 per diluted share.
The company secured a major NPO/CPO win backed by purchase commitments exceeding $5 billion.
Second-quarter fiscal 2027 net revenue is forecasted to be between $1.575 billion and $1.625 billion.
Lumentum reported fourth-quarter fiscal 2026 net revenue of $1.01 billion, up from $480.7 million a year earlier, but a $7.8 billion non-cash loss on debt extinguishment from equitizing convertible notes drove a GAAP net loss of $7.2 billion, or $84.65 per diluted share. The company guided first-quarter fiscal 2027 net revenue to $1.225 billion to $1.275 billion, with non-GAAP diluted EPS of $4.05 to $4.35.
Q4 fiscal 2026 net revenue was $1.01 billion, up 109.3% year over year and 24.5% from the third quarter's $808.4 million.
Q4 GAAP net loss was $7.2 billion ($84.65 per diluted share), driven by a one-time, non-cash loss on debt extinguishment of $7.8 billion.
Q4 non-GAAP net income was $326.3 million, or $3.23 per diluted share, versus $0.88 a year earlier.
Q1 fiscal 2027 guidance: net revenue of $1.225 billion to $1.275 billion and non-GAAP operating margin of 39.5% to 40.5%.
Lumentum Holdings said Executive Vice President of Global Reliability & Quality Vincent Retort informed the company on July 27, 2026 that he plans to retire effective in October 2026. He has agreed to provide consulting services for a two-year term after retirement, and his outstanding equity awards will keep vesting during that term if he remains a service provider.
Vincent Retort, Executive Vice President, Global Reliability & Quality, plans to retire effective October 2026.
Notice given to the company on July 27, 2026; the 8-K was filed July 30, 2026.
Retort will provide consulting services to Lumentum for a two-year term after retirement.
His outstanding equity awards continue to vest during the consulting term on existing schedules, provided he remains a service provider.
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