Overview
- Lockheed Martin signed a definitive agreement Monday to acquire Ultra Maritime from private equity owner Advent for about $3.45 billion.
- Ultra Maritime makes anti-submarine warfare gear including sonobuoys, hull and towed sonar, torpedo-defense systems and autonomous maritime sensors, with sonobuoys being airborne acoustic sensors dropped into the sea to detect submarines.
- Advent invested roughly $170 million in Ultra after buying the business in 2022 and said the firm’s annual revenue rose about 17% per year under its ownership.
- Ultra will join Lockheed’s Rotary and Mission Systems unit when the deal closes, Citi is advising Lockheed, Guggenheim and JPMorgan are reported to advise the seller, and the transaction remains subject to regulatory approvals and customary closing conditions.
- The purchase strengthens Lockheed’s undersea portfolio at a time of rising naval demand and could shift supply and export options for allied navies, with regulatory review and export controls the key next items to watch.