Marvell buys Lumentum: a deal worth about $115 billion, all in stock
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- Marvell has agreed to acquire Lumentum, a maker of optical communications components, in an all-stock deal.
- The enterprise value is about $115 billion, and each Lumentum share is exchanged for 4.5 Marvell shares.
- Closing is expected in the first half of 2028, subject to approval by shareholders and regulators.

In this article
What was announced
According to TechCrunch, Marvell, which designs custom chips, has agreed to acquire Lumentum, a maker of optical chips and networking equipment, for an enterprise value of about $115 billion including debt (about $80 billion in equity value, according to the Wall Street Journal). The deal is entirely in stock: each Lumentum share is exchanged for 4.5 Marvell common shares, a ratio also confirmed by documents filed with the SEC.
Aim and shareholding
Marvell says the combination will make it a major player in AI connectivity, from chips to data-center products. According to the SEC documents, current Marvell shareholders would own about 67% of the combined company and Lumentum shareholders about 33%. TechCrunch notes that Nvidia is a major shareholder in both companies, having invested $2 billion in each in March.
Timetable and how to read the amounts
Closing is expected in the first half of 2028, subject to approval by the shareholders of both companies and by regulators. The amounts depend on what is being measured: about $115 billion of enterprise value (debt included) and about $80 billion of equity, according to the Wall Street Journal as cited by TechCrunch.
Points not verified
The stock-market reaction, the expected antitrust review, any break fees and the integration plans are not in the articles consulted. This article is not investment advice.
Learn the grammar
French grammar
Learn sentence patterns and usage from the article’s own sentences.
01The present indicative
est / sont + attribute (noun, adjective, prepositional phrase)
L’opération est entièrement en actions : chaque action Lumentum est échangée contre 4,5 actions ordinaires Marvell, ratio que confirment aussi les documents déposés auprès de la SEC.Key pointsÊtre in the present is est for a singular subject and sont for a plural one. It describes nature, state or place (“is”, “is located”). If what follows (the attribute) is a noun, adjective or prepositional phrase, it is not a passive. If a past participle follows, it is a passive (est annoncé). Headlines and summaries often use the present to describe the current situation.
02The imparfait
stem (nous form of the present) + -ais / -ait / -ions / -iez / -aient
Marvell rachète Lumentum : une opération d’environ 115 milliards de dollars, tout en actionsKey pointsThe imparfait describes states, background, habits and actions in progress in the past (il était, elle avait, ils pensaient). Take the nous form of the present, drop -ons, and add -ais / -ais / -ait / -ions / -iez / -aient. If the passé composé gives “the event itself”, the imparfait paints “the situation at the time”.
03The near future (futur proche)
aller (present tense) + infinitive
Marvell, concepteur de puces, va acquérir Lumentum, spécialiste des composants optiques.Key pointsThe futur proche expresses what is about to happen: aller in the present (je vais, il va, ils vont) + an infinitive (il va annoncer). It is common in speech and in the news for an imminent event or one that has already been decided. Negation: ne … pas goes around aller (il ne va pas partir).
04The passive voice in the present
être (est / sont) + past participle (+ par / de)
Les chiffres varient selon les sources ; voici ce qui est confirmé.Key pointsThe passive means “is done” or “is being done”. It is formed with être + past participle, which agrees with the subject in gender and number (la mesure est adoptée / les mesures sont adoptées). The agent is introduced by par (or de). In the news it is common when the event, rather than the actor, is the focus (est prévu / est annoncé / est connu).
05Negation and its scope
ne / n’ … pas · ne … plus
La réaction boursière, l’examen antitrust attendu, les éventuelles indemnités de rupture et les plans d’intégration ne figurent pas dans les articles consultés.Key pointsNormally ne and pas wrap the verb. Before a vowel, ne becomes n’. Check which part of the sentence the negation covers. Ne … plus means “no longer”.
06Citing a source with selon
selon + noun / organisation
Les chiffres varient selon les sources ; voici ce qui est confirmé.Key pointsSelon means “according to”. Put a person or organisation after it as the source. It separates facts the writer checked directly from what another body or report said. Citing a source does not turn a forecast into an accomplished fact.
07The subject relative pronoun qui
noun + qui + verb
Selon TechCrunch, Marvell, qui conçoit des puces sur mesure, a accepté d’acquérir Lumentum, fabricant de puces optiques et d’équipements réseau, pour une valeur d’entreprise d’environ 115 milliards de dollars dette comprise (environ 80 milliards pour les fonds propres, d’après le Wall Street Journal).Key pointsQui continues a description of the person or thing just mentioned (“the one that does…”). Because qui is itself the subject of the next verb, do not repeat the subject. The verb agrees with the noun qui refers to.
08Million and milliard followed by de
number + million(s) / milliard(s) + de + noun
TechCrunch rappelle que Nvidia est un actionnaire important des deux sociétés, avec 2 milliards de dollars investis dans chacune en mars.Key pointsMillion and milliard are nouns, so use de before what is counted. Before a vowel it becomes d’. Mille works differently: look at the quantity as a whole instead of applying the same form.
09The uses of dans
dans + noun phrase
TechCrunch rappelle que Nvidia est un actionnaire important des deux sociétés, avec 2 milliards de dollars investis dans chacune en mars.Key pointsDans means “in, inside” for places, but also for a scope such as a system or period. With future time, dans deux jours means “in two days”. In the article’s example, check what it is “inside” and which scope it marks. Identify the value of dans in the passage.
Japanese grammar
Understand the structure and usage from the text.
01Citing a source: によると
noun + によると
TechCrunchによると、カスタム半導体を設計するMarvellが、光半導体やネットワーク機器のLumentumを買収することで合意しました。Key pointsAs in “LCPによると”, it shows where the information comes from. What that source reported follows. It is used differently from “私にとって”, which gives one’s own opinion.
02Plan, outlook and policy
〜の予定 / 〜見込み / 〜方針
完了は2028年の前半を見込み、両社の株主と規制当局の承認が必要です。Key points予定 is a plan, 見込み a forecast and 方針 a course of action or intention. None of them asserts that something has already been carried out. Note the difference from expressions such as “決まりました”.
03Polite negation and plain form
〜ではありません / 〜ではない
これは投資の助言ではありません。Key pointsThey negate a noun and similar content. “ではありません” is the polite form and “ではない” the plain form. “成立ではありません” shows that it cannot be said to have been concluded.
04Cause or purpose with ため
〜ため / 〜ために
数字は出典によって見方が違うため、分かれる点も書きます。Key pointsため is used for both reason and purpose. “成立ではないため” is a reason and “運転手を守るため” a purpose. Decide from the whole sentence whether what precedes is a cause or a goal.
05The polite past ました
verb stem (連用形) + ました
半導体のMarvell(マーベル)が、光通信部品のLumentum(ルメンタム)を買収すると発表しました。Key pointsIn “発表しました”, ました makes a verb polite past. The negative is “ませんでした”. Read the actual date together with the date and time in the text.
06Quoting with と: content and report
plain-form sentence + と + verbe de parole (報じる, 説明する…)
Marvellは、この統合で、AIのためのデータ通信(チップからデータセンター向け製品まで)の有力企業になると説明しています。Key pointsと takes the content that is reported or explained. In “改定する方針だと報じました”, “改定する方針だ” is what the report said. Separating the content from who said it and how makes long sentences easier to read.