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Marvell to buy Lumentum; Kenvue deal closes

New Street Desk · · Data as of 9:30 a.m. ET

New Street Spotlight card: Marvell to buy Lumentum; Kenvue deal closes. Marvell agreed an all-stock deal for Lumentum at a $115 billion implied enterprise value; Kimberly-Clark completed its Kenvue acquisition on Nov. 2. Key points: Marvell: 4.500 shares per Lumentum share, about $1,132 a share, a premium of about 23.9% to Oct. 28 unaffected prices. Marvell-Lumentum is expected to close in the first half of 2028, subject to shareholder votes and regulatory approvals. Kenvue holders get $3.50 in cash plus 0.14625 Kimberly-Clark shares per share; Kenvue stock stopped trading at the Nov. 2 open. Sources: Marvell, Lumentum, Kimberly-Clark, Kenvue 8-Ks, SEC EDGAR. Data as of 9:30 a.m. ET.

Marvell agreed an all-stock deal for Lumentum at a $115 billion implied enterprise value; Kimberly-Clark completed its Kenvue acquisition on Nov. 2.[1][4][5]

Marvell: 4.500 shares per Lumentum share, about $1,132 a share, a premium of about 23.9% to Oct. 28 unaffected prices.[1]

Marvell-Lumentum is expected to close in the first half of 2028, subject to shareholder votes and regulatory approvals.[1][2][3]

Kenvue holders get $3.50 in cash plus 0.14625 Kimberly-Clark shares per share; Kenvue stock stopped trading at the Nov. 2 open.[4][5]

Sources

  1. Marvell Technology, Inc. (SEC EDGAR), Form 8-K, Exhibit 99.1: joint press release, Marvell and Lumentum to combine
  2. Marvell Technology, Inc. (SEC EDGAR), Form 8-K, Item 1.01: Agreement and Plan of Merger with Lumentum
  3. Lumentum Holdings Inc. (SEC EDGAR), Form 8-K, Item 1.01 and Exhibit 99.1: merger agreement with Marvell
  4. Kimberly-Clark Corporation (SEC EDGAR), Form 8-K, Item 2.01 and Exhibit 99.1: completion of acquisition of Kenvue
  5. Kenvue Inc. (SEC EDGAR), Form 8-K, Items 2.01 and 3.01: completion of merger with Kimberly-Clark

How to cite: New Street Desk, "Marvell to buy Lumentum; Kenvue deal closes," New Street, Nov. 2, 2026, https://newstreet.xyz/spotlight/2026-11-02-1022-ma-update/.