Marvell (MRVL.O) has agreed to acquire data‑center optics maker Lumentum Holdings in an all‑stock transaction valuing the deal at $115 bln enterprise value. Post‑closing, Marvell shareholders will own 67% of the combined company. By equity value this would be the largest deal this year and among the biggest in tech history (excluding the SpaceX‑xAI transaction). The deal signals AI-driven M&A momentum across chipmakers, specialist tech suppliers, data‑center operators and utilities.