Marvell Announces Deal With About $115 Billion in Enterprise Value as Tech Shares Slide

Marvell Technology announced an all-stock deal to acquire Lumentum with an enterprise value of about $115 billion, while chipmakers and most crypto-linked stocks fell in a broad U.S. market retreat. The Nasdaq Composite fell 1.07%, the S&P 500 lost 0.51% and the Nasdaq 100 dropped 1.39%. The Philadelphia Semiconductor Index sank 3.37%, while the Dow Jones Industrial Average gained 0.41%. Marvell shares fell 12.72%, and Lumentum shares lost 18.59%. Under the Marvell-Lumentum deal, Lumentum shareholders would receive 4.5 Marvell shares for each share they own.

Source: TokenPost