Marvell Says Lumentum Deal Includes Up to $5.8B Termination Fee

The size of the breakup fee is the story here: a termination charge of this magnitude signals how much certainty the parties are trying to lock in, and it raises the cost of walking away for whichever side would owe it. The disclosure offers no deal terms, so the fee stands largely alone as a gauge of commitment. Whether the figure reflects standard deal protection or something more unusual is the open question, and any further detail on the transaction's structure would be the next thing to watch.