Lockheed Martin leads race for Ultra Maritime in $3.5B deal

Lockheed Martin is reportedly leading the acquisition of Ultra Maritime, a naval defence business owned by private-equity firm Advent International, in a deal that could value the company at approximately $3.5 billion, according to the Financial Times. Talks are ongoing, and an announcement could be made as early as next week, with several other bidders still interested in the competitive auction process.

Ultra Maritime, which is part of Cobham Ultra, specializes in anti-submarine warfare and undersea defence technologies. Cobham Ultra was formed after Advent acquired British aerospace company Cobham in 2019 and later combined it with Ultra Electronics following its 2022 takeover.

The potential deal occurs as defense contractors are looking to expand their military technology portfolios due to increased geopolitical tensions and rising defense spending, influenced by conflicts such as the war in Ukraine and fighting in the Middle East.