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Marvell buys Lumentum: a deal worth about $115 billion, all in stock

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AT A GLANCE
  • 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.
Archive photo of a Marvell site in Santa Clara (2011).
King of Hearts · CC BY-SA 3.0Archive photo of a Marvell site in Santa Clara (2011).
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.

LANGUAGE NOTES

Learn the grammar

Explained in English

French grammar

Learn sentence patterns and usage from the article’s own sentences.

01The present indicative
Structure

est / sont + attribute (noun, adjective, prepositional phrase)

In the article
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 points

Être 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
Structure

stem (nous form of the present) + -ais / -ait / -ions / -iez / -aient

In the article
Marvell rachète Lumentum : une opération d’environ 115 milliards de dollars, tout en actions
Key points

The 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)
Structure

aller (present tense) + infinitive

In the article
Marvell, concepteur de puces, va acquérir Lumentum, spécialiste des composants optiques.
Key points

The 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
Structure

être (est / sont) + past participle (+ par / de)

In the article
Les chiffres varient selon les sources ; voici ce qui est confirmé.
Key points

The 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
Structure

ne / n’ … pas · ne … plus

In the article
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 points

Normally 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
Structure

selon + noun / organisation

In the article
Les chiffres varient selon les sources ; voici ce qui est confirmé.
Key points

Selon 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
Structure

noun + qui + verb

In the article
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 points

Qui 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
Structure

number + million(s) / milliard(s) + de + noun

In the article
TechCrunch rappelle que Nvidia est un actionnaire important des deux sociétés, avec 2 milliards de dollars investis dans chacune en mars.
Key points

Million 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
Structure

dans + noun phrase

In the article
TechCrunch rappelle que Nvidia est un actionnaire important des deux sociétés, avec 2 milliards de dollars investis dans chacune en mars.
Key points

Dans 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.

Explained in English

Japanese grammar

Understand the structure and usage from the text.

01Citing a source: によると
Structure

noun + によると

In the article
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 points

As 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
Structure

〜の予定 / 〜見込み / 〜方針

In the article
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
Structure

〜ではありません / 〜ではない

In the article
これは投資の助言ではありません。
Key points

They 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
Structure

〜ため / 〜ために

In the article
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
Structure

verb stem (連用形) + ました

In the article
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 points

In “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
Structure

plain-form sentence + と + verbe de parole (報じる, 説明する…)

In the article
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.

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