BETHESDA, Md. — Lockheed Martin has signed a definitive agreement to acquire Ultra Maritime from private equity firm Advent International in a transaction valued at $3.45 billion, marking a significant expansion of the company's undersea warfare and anti-submarine warfare (ASW) capabilities.
The acquisition will bring Ultra Maritime into Lockheed Martin's Rotary and Mission Systems business area once the transaction receives regulatory approvals and meets customary closing conditions.
Ultra Maritime is a defense company specializing in advanced technologies for naval forces. Its products are used by the navies of the United States, the United Kingdom, Canada, and Australia, and include sonobuoys, towed sonar arrays, hull-mounted sonar systems, torpedo defense systems, radar solutions, and autonomous maritime sensing platforms designed to detect and counter underwater threats.
Strengthening Maritime Defense Portfolio
Lockheed Martin said the acquisition will strengthen its portfolio of undersea and anti-submarine warfare technologies by combining Ultra Maritime's specialized capabilities with its existing defense systems.
The company plans to use Ultra Maritime's international presence and exportable ASW products to expand its offerings for current and next-generation naval platforms. The combination is expected to provide customers with a broader range of sonar and maritime sensing solutions.
Stephanie C. Hill, president of Lockheed Martin Rotary and Mission Systems, said the acquisition reinforces the company's commitment to supporting the United States and allied nations with advanced undersea defense technologies.
"Undersea superiority belongs to those who move fastest and work together best," Hill said. "By joining forces with Ultra Maritime, we're accelerating our commitment to deliver the most advanced undersea and anti-submarine warfare capabilities to our U.S. and allied partners across the globe."
The agreement comes as many countries continue to invest in naval modernization and underwater defense capabilities, with increased focus on anti-submarine warfare and maritime security.
Ultra Maritime's Growth Under Advent
The transaction also marks the exit of Advent International after several years of investment in the business.
Advent acquired British aerospace company Cobham in 2019 and later purchased Ultra Electronics in 2022. The businesses were combined to form the Cobham Ultra group, with Ultra Maritime becoming a key part of the maritime defense portfolio.
According to Advent, Ultra Maritime underwent operational improvements, expanded manufacturing capacity, and advanced the development of autonomous maritime technologies during its ownership.
Shonnel Malani, managing partner at Advent International and chairman of the board at Ultra Electronics, said the company has made significant progress since 2022.
"When we invested in Ultra Maritime in 2022, we saw a business with mission-critical technology and a vital role in protecting allied nations from undersea threats, but one that had been underinvested and was not yet fully delivering for its customers," Malani said.
"Over the past four years, we have changed that. Ultra Maritime is now a stronger, more innovative partner to allied navies, with improved execution, greater industrial capacity, and next-generation autonomous solutions that position it well for future warfare."
Advent also said Ultra Maritime's revenue is expected to reach approximately $784 million in 2026, compared with $494 million in 2023, reflecting growth during its ownership.
Transaction Details
The $3.45 billion acquisition represents approximately 2.7% of Lockheed Martin's market capitalization, which is currently about $126 billion.
The agreement follows a competitive sale process in which Lockheed Martin emerged as the leading bidder.
Citi is serving as financial advisor for the transaction, while Hogan Lovells and Cadwalader are acting as legal counsel.
The acquisition remains subject to regulatory approvals and customary closing conditions before it is completed. Once finalized, Ultra Maritime will be integrated into Lockheed Martin's Rotary and Mission Systems business, expanding the company's capabilities in undersea warfare and providing a broader range of solutions for allied naval customers.
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