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Marvell Lumentum Acquisition Investor Presentation (November 2026): the 24-slide transaction announcement deck 'Marvell and Lumentum to combine — Creating a category leader in AI connectivity', published by Marvell Technology on November 2, 2026 and also filed with the SEC by Lumentum as Exhibit 99.2 to a Form 8-K. It sets out the strategic rationale (a $550B combined CY30 TAM, end-to-end electro-optical co-design from scale-across to scale-in), the pro forma financial profile ($17.7B annualized revenue, 57% non-GAAP gross margin, 39% non-GAAP operating margin before synergies) and the transaction terms: an all-stock deal in which Lumentum stockholders receive 4.500 Marvell shares per Lumentum share, ~67% / ~33% pro forma ownership, a combined enterprise value over ~$275B, $1B+ of run-rate synergies (primarily COGS), and an expected close in 1H CY28 subject to both companies' stockholder approvals and regulatory approvals.
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Marvell Lumentum Acquisition Investor Presentation (November 2026): the 24-slide transaction announcement deck 'Marvell and Lumentum to combine — Creating a category leader in AI connectivity', published by Marvell Technology on November 2, 2026 and also filed with the SEC by Lumentum as Exhibit 99.2 to a Form 8-K. It sets out the strategic rationale (a $550B combined CY30 TAM, end-to-end electro-optical co-design from scale-across to scale-in), the pro forma financial profile ($17.7B annualized revenue, 57% non-GAAP gross margin, 39% non-GAAP operating margin before synergies) and the transaction terms: an all-stock deal in which Lumentum stockholders receive 4.500 Marvell shares per Lumentum share, ~67% / ~33% pro forma ownership, a combined enterprise value over ~$275B, $1B+ of run-rate synergies (primarily COGS), and an expected close in 1H CY28 subject to both companies' stockholder approvals and regulatory approvals.
Iga slaidilehe üksikasjalik vaade, sealhulgas paigutus, põhisisu ja visuaalsed elemendid.
Cover slide announcing the proposed combination of Marvell and Lumentum, positioned as creating a category leader in AI connectivity, dated November 2026.
Marvell logo top-left, large charcoal title block spanning the slide with white title, subtitle and date, grey geometric line pattern in the top-right corner.
Full forward-looking statements legend under Section 27A of the Securities Act and Section 21E of the Exchange Act, listing transaction risks such as personnel retention, integration, stockholder and regulatory approvals, synergy realization, transaction costs, financing and stock price fluctuations, and pointing to the Form S-4, Joint Proxy Statement/Prospectus and both companies' 10-K and 10-Q filings.
Single dense full-width text block under a slide title, with an underlined sub-heading.
Explains that Marvell intends to file a registration statement on Form S-4 including a joint proxy statement/prospectus for both companies' stockholders, urges investors to read it, lists where to obtain documents (sec.gov, investor.marvell.com, investor.lumentum.com) and identifies Marvell, Lumentum and their directors and executive officers as potential participants in the proxy solicitation.
Text-only legal slide with two bold sub-headings and long paragraphs, part of it in capital letters.
States that the communication is not a proxy statement, solicitation or offer to sell or buy securities, and that no offering will be made except by a prospectus meeting Section 10 of the Securities Act.
Short legal paragraph under a sub-heading, leaving most of the slide white.
Introduces the two companies side by side: Marvell as the 'Connectivity leader' and Lumentum as the 'Photonics leader', joined by a plus sign.
Centered headline, two logos with a large plus sign between them, and a colored label box under each logo, over a full-bleed background image.
Bar chart of CY26-28E EPS CAGR for S&P 500 Information Technology companies based on FactSet consensus as of October 30, 2026: Marvell ranks first at 76% and Lumentum fourth at 66%, ahead of AMD (73%), Seagate (72%), Western Digital (65%), Broadcom (59%) and Nvidia (51%), down to Salesforce at 5%.
Wide descending vertical bar chart across the whole slide with rotated company labels and data labels above each bar; footnote on methodology at the bottom.
CY29E consensus revenue comparison of semiconductor companies: the combined 'NewCo' at $66B ranks fifth behind NVDA ($1,091B), AVGO ($439B), AMD ($164B) and INTC ($101B), ahead of MediaTek ($65B) and QCOM ($64B); Marvell alone is $48B and Lumentum $17B (FactSet and CapIQ consensus as of October 30, 2026; Marvell uses FY30).
Descending vertical bar chart with broken bars for the largest values, dollar labels above bars and bold ticker labels below; footnote at bottom.
Five rationale points: a once-in-a-generation opportunity to lead AI connectivity in the era of integrated optics; a full-stack partner at every distance and topology combining Marvell's interconnect with Lumentum's lasers; solving scale-up/scale-in complexity with end-to-end extreme co-design; unlocking a larger $550B TAM; and expected accretion to Marvell non-GAAP EPS in year one post-close with $1B+ in run-rate synergies.
Five stacked full-width outlined text boxes, each with a teal accent bar on the left edge.
Timeline of Marvell's share price at each undisturbed acquisition announcement from CY2016 to CY2026: $10 (July 11, 2016, when Matt Murphy became CEO), Cavium $18, Aquantia and Avera Semi ~$24, Inphi $40, Innovium $61, Celestial AI and XConn ~$90, and Lumentum ~$252 (undisturbed price on October 28, 2026), a ~25x increase over the last decade. Four checkmarked strengths: strategic foresight, world-class integration, destination for talent, robust value creation.
Rising line chart with acquired-company logos in circles placed along the line and share prices beneath, checklist in the upper-left, large '~25x' callout in the upper-right.
Compares capabilities: Marvell (connectivity leader) brings high-speed DSP/SerDes connectivity, a broad silicon platform spanning interconnect and switching, and powers scale-across, scale-out and scale-up; Lumentum (photonics leader) brings advanced laser technology, a critical platform for pluggables, NPO/CPO and OCS, and enables next-gen AI bandwidth, power efficiency and scale. Both meet in 'End-to-End Extreme Co-Design'.
Three-part layout: blue capability panel on the left, green capability panel on the right, central illustrated circle labeled End-to-End Extreme Co-Design above a rendered chip-and-optics board.
CY30 total addressable market build-up: Marvell TAM $400B plus Lumentum TAM $90B+ leads to an expanded combined TAM of $550B; the combined platform is expected to unlock additional opportunities and capture a greater share. Sources: Marvell Investor Day (October 6, 2026) and Lumentum OFC Investor Briefing (March 17, 2026).
Two colored square tiles (blue and green) with an arrow pointing to a larger dark panel holding a teal diamond with the combined figure; full-width blue banner at the bottom.
Maps four networking domains and reach: scale-across (distributed DCs, up to 1,000km, 1x data bandwidth), scale-out (data center, up to 2km, 10x), scale-up (rack/multi-rack, up to 50m, 100x) and scale-in (package/tray, up to 1m, 1000x), moving from modular, discrete 'optical today' to highly-integrated, customer-specific 'optical tomorrow'. Takeaway: scaling AI connectivity requires integrated photonics.
Four dark tiles in a row with icons and distances, domain labels and a diamond-marked bandwidth multiplier axis below, a large arrow from 'Optical today' to 'Optical tomorrow', and a blue bottom banner.
Breaks down today's optical modules by domain: a Marvell ZR module for scale-across (DSP, SiPho, TIA + driver, pump and tunable lasers), a Lumentum PAM4 module for scale-out (DSP, drivers, TIAs, EML or CW laser + SiPho, photodiode), and an NPO module for scale-up arranged around an XPU/switch. Key points: all critical technologies under one roof from components to full modules, and significant operational and design efficiencies for customers.
Left two-thirds shows three stacked module block diagrams with electronics (blue) and photonics (green) blocks; right side has a domain legend and two icon-led statements; blue bottom banner.
Shows co-packaged optics for scale-up (XPU and switch packages ringed by PIC/EIC optical engines fed by ultra-high-power lasers in ELSFP modules) and a future optical I/O engine for scale-in (XPU with EICs, VCSEL array and photodiode array). Messages: integration is critical for bandwidth density, latency and power; extreme co-design accelerates time to market and reduces customer risk; pre-validated optical engines plus highly reliable lasers enable next-gen AI connectivity.
Two stacked package diagrams on the left labeled Scale-up and Scale-in, two icon-led statements on the right, domain legend top-right, blue bottom banner and abbreviation footnote.
Marvell's network switching in the electrical domain (hyperscale scale-out, low-latency scale-up, expanding cloud networking) combined with Lumentum's optical switching in the optical domain (lower-power optical spine, more resilient AI fabrics, reconfigurable connectivity). Message: additive TAMs, topology agnostic, supports all customer architectures across scale-across, scale-out, scale-up and scale-in.
Blue panel left and green panel right, each with product photo and icon list, joined by a central circle with both logos; four-column domain strip at the bottom.
Four material platforms co-designed around CMOS: Silicon Photonics (waveguides, optical transmitters, optical receivers), Silicon Germanium (heterojunction bipolar transistors, high-frequency and RF front-ends), Indium Phosphide (InP lasers, optical modulators, optical detectors) and GaAs VCSEL (top and bottom DBR mirrors around an active region). Takeaway: fully integrated, process agnostic, foundry ready and future proof.
Two-by-two quadrant of colored panels (blue top, green bottom) with a central CMOS chip circle overlapping all four; double-headed arrow caption and blue bottom banner.
Checklist of combined capabilities in four groups: Interconnect (PAM and coherent DSPs, TIAs and drivers, CPO/NPO light engines, optical transceivers/DCI modules, ELSFP and high-power lasers, EML and CW lasers, narrow-linewidth lasers, pump lasers), Switching (network switch, optical circuit switch, wavelength selective switch), Compute (custom XPU, custom XPU attach) and Manufacturing and Process Technology (advanced packaging, InP and GaAs, leading-edge CMOS and SiGe, silicon photonics, system expertise).
Table-style list with category icons and labels on the left, item rows in the middle and a teal check circle on every row at the right.
Manufacturing scale on both sides: Marvell has a high-volume semiconductor supply chain with capacity secured, billions of products ramped and shipped, and multi-billion-dollar investments in capacity reservations; Lumentum has the world's largest InP wafer fab capacity with 20x unit volume expansion in 2 years, billions of VCSELs served, and world-class assembly and test using a hybrid internal and contract-manufacturer model.
Mirrored layout: blue Marvell header with three arrow-shaped rows and photos on the left, green Lumentum header with three rows on the right, dark central circle with the summary message.
Four customer benefits: an end-to-end signal chain from photon generation to electronic processing; leadership in every distance domain and topology; fully-optimized, more co-designed customer-specific solutions; and combined scale to invest in supply and manufacturing for AI optics. Result: higher performance, faster time to market and lower technical risk.
Four full-width horizontal color bands (charcoal, grey, cyan, teal) each with an icon, a bold lead-in and a one-line explanation; blue bottom banner.
Pro forma table (in $ billions, non-GAAP margins): Marvell FQ3'27 guidance midpoint revenue $12.6B annualized, 58% gross margin, 37% operating margin; Lumentum FQ1'27 $5.1B, 53%, 42%; pro forma excluding synergies $17.7B, 57%, 39%. Right panel: enhanced revenue growth and margin profile, line of sight to $1B+ run-rate synergies primarily in COGS, expected accretion to non-GAAP gross and operating margin post close and to Marvell non-GAAP EPS in year one post-close. Marvell figures are based on guidance given August 27, 2026.
Three-column financial table on the left with blue, green and grey column headers; dark sidebar on the right with four checkmarked statements; footnotes at bottom-left.
Deal terms: all-stock transaction with a combined enterprise value over ~$275B (as of October 30, 2026); Lumentum stockholders receive 4.500 Marvell shares per Lumentum share; pro forma ownership ~67% Marvell and ~33% Lumentum shareholders. Financial impact: enhances revenue growth and non-GAAP margins, $1B+ run-rate synergies primarily COGS, accretive to Marvell non-GAAP EPS in year one. Governance: Matt Murphy remains CEO and Chairman; three Lumentum directors including President and CEO Michael Hurlston join Marvell's Board. Closing: expected 1H CY28, requiring Lumentum and Marvell stockholder approval, regulatory approvals and customary conditions.
Four horizontal rows, each with a teal label block on the left (Transaction Consideration, Financial Impact, Management and Governance, Approval and Closing) and triangle-bulleted terms on the right.
Closing recap repeating the five rationale points: leading connectivity in the era of integrated optics, a full-stack partner at every distance and topology, solving scale-up/scale-in complexity through end-to-end co-design, unlocking a larger $550B TAM, and year-one non-GAAP EPS accretion with $1B+ in run-rate synergies.
Same five stacked outlined boxes with teal left accent bars as page 8.
Closing slide with 'Thank You' message.
Mirrors the cover: Marvell logo top-left, large charcoal panel with white text, geometric line pattern top-right.
Brand end card with the Marvell logo and tagline 'Essential technology, done right'.
Centered logo and tagline on a plain white background.
Levinud küsimused selle slaidi ja esitluse sisu kohta.
It is the 24-slide deck 'Marvell and Lumentum to combine — Creating a category leader in AI connectivity', released by Marvell Investor Relations on November 2, 2026 to announce the proposed combination of Marvell Technology and Lumentum Holdings. Lumentum also filed the same deck with the SEC as Exhibit 99.2 to a Form 8-K.
Slide 21 describes an all-stock transaction with a combined enterprise value over ~$275B (based on October 30, 2026). Lumentum stockholders receive 4.500 shares of Marvell common stock for each Lumentum share, giving pro forma ownership of about 67% for Marvell shareholders and about 33% for Lumentum shareholders. The deck states no other consideration.
The deck says the transaction is expected to close in 1H CY28. It requires approval by both Lumentum and Marvell stockholders, plus regulatory approvals and other customary closing conditions.
Marvell cites line of sight to $1B+ in run-rate synergies, primarily in cost of goods sold. It expects the deal to add to Marvell's non-GAAP EPS in the first year after closing and to lift non-GAAP gross and operating margins. Before synergies, the pro forma figures on slide 20 are $17.7B of annualized revenue, a 57% gross margin and a 39% operating margin.
Slide 11 puts Marvell's CY30 TAM at $400B and Lumentum's at $90B+, for an expanded combined TAM of $550B. Slide 7 shows the combined company's CY29E consensus revenue at $66B, which would rank it fifth among the listed semiconductor peers.
Matt Murphy will remain CEO and Chairman of the combined company. Three Lumentum directors will join Marvell's Board, including Lumentum President and CEO Michael Hurlston.
Yes, as a reference for structure. The flow is a good model for any merger announcement: legal disclaimers, positioning, growth benchmarks, rationale, technology fit, pro forma financials, a four-row transaction summary and a recap. You can download the PDF free and rebuild the layouts with your own content and branding. Marvell's and Lumentum's logos and trademarks stay with their owners.
Right now this gallery entry offers only the original PDF, as a free download. It has all 24 slides at full fidelity, including the charts, technical diagrams and the transaction summary.
Official IR site where Marvell posts transaction materials and SEC filings, named in the deck's legal notice.
Lumentum's IR site, named in the deck as the source for Lumentum's SEC filings related to the transaction.
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