Deals of the day: mergers and acquisitions
MRVL•Marvell Technology is buying Lumentum in a $115 billion all-stock deal, including debt. Other reported deals include Aspen Pharmacare’s €197 million sale of Ovestin rights and BP’s completed $6 billion sale of a majority stake in Castrol.
1. Marvell-Lumentum deal
Marvell Technology is buying optical components maker Lumentum in a $115 billion all-stock deal, including debt. The custom chipmaker is taking on larger rival Broadcom in a race to cash in on the AI spending boom.
2. Other announced deals
Aspen Pharmacare said it will sell European commercialisation rights and related intellectual property for its women’s health product Ovestin to Ennogen Healthcare International for €197 million ($220 million). Mitsubishi Corp said it will sell a 49.9% interest in a holding company that owns its stake in LNG Canada to funds managed by Blackstone Credit & Insurance for about $1.6 billion. TotalEnergies signed agreements to buy a 30% operated interest in two offshore gas fields in Malaysia.
3. Sales and discussions
BP completed the sale of a 65% stake in its Castrol lubricants business to Stonepeak and said it will use the $6 billion in after-tax proceeds to cut debt. SpaceX is reportedly in talks to buy EchoStar’s Boost Mobile wireless service or gain access to its network. AVID Property Group matched a A$2.24 billion takeover proposal for Ingenia Communities, while Public Policy Holding agreed to buy Reevemark for as much as $80 million.
