Marvell agrees to buy Lumentum for $115 billion as Waymo plans to leave Uber

A merger built on shares, not cash

As 21st Century Business Herald reported, Marvell Technology and Lumentum, a maker of optical communications equipment, announced a definitive agreement on 2 November. Marvell will acquire Lumentum, and the headline price is $115 billion.

The deal is all stock. No cash changes hands: each Lumentum share turns into 4.5 shares of Marvell common stock. Once the deal closes, current Marvell shareholders would own about 67% of the combined company and Lumentum shareholders about 33%.

That split matters. It means Lumentum holders are not cashing out; they become part owners of a larger company, so their payoff depends on how Marvell's shares perform after the merger.

What Marvell says it gets out of it

Marvell expects the merger to produce more than $1 billion a year in cost synergies. That is business shorthand for savings from combining two companies, such as overlapping operations and shared expenses.

It also expects the deal to add to non-GAAP earnings per share in the first year after closing. Non-GAAP is a version of profit that leaves out certain items, such as one-off costs, and companies often use it to show their underlying results. "Accretive" simply means profit per share goes up rather than down after the deal.

These are Marvell's own projections, not independent forecasts. Companies announcing deals tend to present the savings case in its best light, so the figures are worth treating as targets.

A long road to closing

The deal is not done. It needs approval from the shareholders of both companies and from regulators, and the companies expect to close in the first half of 2028. That timeline is long, which leaves room for conditions to change.

• Shareholder votes: both sides must agree.
• Regulators: the source does not say which agencies will review it.
• Share prices: because the price is set in shares, the dollar value of the deal can move as Marvell's stock moves.

The source gives no detail on why the two companies want to combine beyond the savings and earnings points above, so we are not guessing at the technical logic.

Waymo steps away from Uber

The second story is about robotaxis, which are driverless ride-hailing cars. According to the report, Waymo's co-chief executive, Tekedra Mawakana, said the company will pull out of its partnership with Uber in Austin and Atlanta from January 2028.

She told Bloomberg that Waymo partnered early on because it lacked scale, and described such tie-ups as somewhat hit-or-miss. Riders now want a more consistent experience, she said.

From that date, Waymo in Austin and Atlanta will work the way it already does in more than twenty other US cities: passengers will book through Waymo's own app. Uber, until now a partner in those two cities, will become a direct competitor.

What connects the two stories

On the surface these stories have little in common, but both are about control of the layers under AI. Marvell and Lumentum supply the kind of chip and optical-connectivity hardware that data centers rely on. A deal of this size signals how highly the market values that hardware.

Waymo's move is about owning the customer relationship. Once a service has scale, it can stop sharing demand and brand with a partner and sell directly through its own app.

Both items come from a single outlet in our coverage, so treat details beyond what the companies and the people quoted have said as unconfirmed until primary filings or official statements are available. The source does not explain Marvell's full financing plans or any other reasons behind the robotaxi split.