Iran offers two-day Hormuz reopening while Trump keeps strike optionDemocrats favoured as US midterms open after Michigan Senate endorsementRussian bombs kill 18 at Zaporizhzhia aid site as Oleshky truce is disputedHormuz tanker fires continue as IMO says attack count is understatedEbola deaths pass 5,300 as Congo's fatality rate tops 50%Oil hits two-week low on Iran talks as Gulf growth and Europe's gas buffers strainHouthis reported near Aden as fighting spreads to al-Jawf and Saudi airportsSpain train crash toll holds at 69 as investigators cite chain of faults and polls turn against SánchezMarvell agrees $115bn all-stock takeover of LumentumNewborn among 15 killed as Myanmar military strikes maternity clinic and schoolAnthropic discloses revenue surge and $895bn commitments ahead of IPOSupermarket freezers overheated across Europe weeks after French attackBank of England and RBA expected to hike as ECB and BOJ signal tighteningAt least 19 dead in Venezuelan army attack on Colombian rebel campIndia evacuates thousands ahead of second cyclone in a weekFrench school protests resume on smaller scale as German unions launch strikesEisenkot gains backing as Netanyahu questions Israeli election resultIsrael ends 10-day Hebron siege as UN logs record settler attacksOracle and Alphabet tap bond markets as AI selloff easesTrump administration asks Supreme Court to block 20,000 California mail ballotsTigray fighting pushes Ethiopia's health system toward collapse as Sudan complains to UN about dronesNine dead after Learjet crash in Palm Beach, FloridaChina steps up Gulf diplomacy as Xi hosts Oman's sultan and Wang Yi meets Iranian officialPoland's Constitutional Tribunal clash deepens as EU Commission backs parliament's right to appoint judgesBinance customers withdraw billions after record hack linked to North KoreaUS pushes Russian gas deliveries to Europe, Kremlin says transit not possible nowUN envoy expects Sudan transition talks with RSF within weeksBelgian PM De Wever offers resignation after budget talks failChina launches $15bn swap facility to support stocks after sell-offJapan weighs near-doubling of defence spending over five yearsIotova wins Bulgarian presidential runoffHackers send false nuclear warnings through Russian and Ukrainian alert appsSouth Korean sergeant dies at frontline unit as North Korea vows faster nuclear buildupOpenAI signs deals with ADNOC, G42 and Abu Dhabi as Altman travels to UAEIsraeli strikes kill at least three in Gaza despite ceasefireWestern Sahara refugees face uncertain future as UN mission MINURSO endsBolivia declares drought emergency as super El Niño hits Peru's fisheriesBangladesh garment workers block highway as wage protests enter third dayTrump removes South Africa from AGOA trade programmeIran offers two-day Hormuz reopening while Trump keeps strike optionDemocrats favoured as US midterms open after Michigan Senate endorsementRussian bombs kill 18 at Zaporizhzhia aid site as Oleshky truce is disputedHormuz tanker fires continue as IMO says attack count is understatedEbola deaths pass 5,300 as Congo's fatality rate tops 50%Oil hits two-week low on Iran talks as Gulf growth and Europe's gas buffers strainHouthis reported near Aden as fighting spreads to al-Jawf and Saudi airportsSpain train crash toll holds at 69 as investigators cite chain of faults and polls turn against SánchezMarvell agrees $115bn all-stock takeover of LumentumNewborn among 15 killed as Myanmar military strikes maternity clinic and schoolAnthropic discloses revenue surge and $895bn commitments ahead of IPOSupermarket freezers overheated across Europe weeks after French attackBank of England and RBA expected to hike as ECB and BOJ signal tighteningAt least 19 dead in Venezuelan army attack on Colombian rebel campIndia evacuates thousands ahead of second cyclone in a weekFrench school protests resume on smaller scale as German unions launch strikesEisenkot gains backing as Netanyahu questions Israeli election resultIsrael ends 10-day Hebron siege as UN logs record settler attacksOracle and Alphabet tap bond markets as AI selloff easesTrump administration asks Supreme Court to block 20,000 California mail ballotsTigray fighting pushes Ethiopia's health system toward collapse as Sudan complains to UN about dronesNine dead after Learjet crash in Palm Beach, FloridaChina steps up Gulf diplomacy as Xi hosts Oman's sultan and Wang Yi meets Iranian officialPoland's Constitutional Tribunal clash deepens as EU Commission backs parliament's right to appoint judgesBinance customers withdraw billions after record hack linked to North KoreaUS pushes Russian gas deliveries to Europe, Kremlin says transit not possible nowUN envoy expects Sudan transition talks with RSF within weeksBelgian PM De Wever offers resignation after budget talks failChina launches $15bn swap facility to support stocks after sell-offJapan weighs near-doubling of defence spending over five yearsIotova wins Bulgarian presidential runoffHackers send false nuclear warnings through Russian and Ukrainian alert appsSouth Korean sergeant dies at frontline unit as North Korea vows faster nuclear buildupOpenAI signs deals with ADNOC, G42 and Abu Dhabi as Altman travels to UAEIsraeli strikes kill at least three in Gaza despite ceasefireWestern Sahara refugees face uncertain future as UN mission MINURSO endsBolivia declares drought emergency as super El Niño hits Peru's fisheriesBangladesh garment workers block highway as wage protests enter third dayTrump removes South Africa from AGOA trade programme
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Symbolic image: Marvell agrees $115bn all-stock takeover of LumentumSymbolic image

Marvell agrees $115bn all-stock takeover of Lumentum

4 sources

Chipmaker Marvell agreed on Monday to buy data centre laser maker Lumentum at an enterprise value of $115 billion. The deal is a bet on optical networking for AI data centres.

Marvell shareholders will receive 67% of the combined business in the all-stock transaction, which values Lumentum's equity at roughly $102.6 billion, according to Bloomberg. The companies said they expect to complete the merger in the first half of 2028, confirming a tie-up Bloomberg News had reported first. Bloomberg describes the move as an effort to capitalise on runaway data centre spending. The New York Times says both firms are betting on optical networking, a technology increasingly used in AI data centres.

Record marks for 2026 dealmaking

On an equity basis it is the year's largest M&A deal and the biggest ever in the global technology sector, excluding the SpaceX-xAI tie-up, according to Bloomberg data. With it, 2026 now holds the record for the most announced deals valued at $10 billion or more.

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