Lockheed Martin to buy Ultra Maritime

Lockheed Martin (LMT) announced on July 6, 2026 that it has signed a definitive agreement to acquire Ultra Maritime for $3.45 billion. The transaction values Ultra Maritime as a significant addition to Lockheed Martin’s (LMT) naval defense operations and reflects a continued focus on undersea warfare capabilities.

Ultra Maritime is being sold by Advent International through its Cobham Ultra subsidiary. The deal is part of a broader reshaping of ownership of advanced maritime technology providers, with Ultra transferring from private equity ownership to integration within a major defense prime contractor.

Ultra Maritime is a global defense company specializing in advanced undersea and anti-submarine warfare capabilities for allied naval forces. Its portfolio includes sonar technologies, sonobuoys, towed and hull-mounted sonar arrays, torpedo defense systems, radar solutions and autonomous maritime sensing platforms used in mission-critical environments.

Earlier in 2026, Ultra Maritime secured a U.S. Navy development contract for an underwater acoustic decoy. This work underscores the company’s role in delivering technologies intended to enhance survivability and effectiveness for naval platforms operating in contested undersea domains.

Upon closing of the transaction, Ultra Maritime and its team will become part of Lockheed Martin’s Rotary and Mission Systems business area. This unit already manages a range of maritime and mission systems programs, and the addition of Ultra Maritime is intended to broaden its undersea warfare and naval defense offerings.

Lockheed Martin has highlighted the importance of combining speed and collaboration in achieving undersea superiority. Integrating Ultra Maritime’s undersea warfare technologies is positioned as a way to expand capabilities for U.S. and allied naval customers within a single business area.

The acquisition remains subject to customary regulatory approvals and closing conditions before it can be completed. These steps are standard for large defense and technology transactions, particularly where sensitive national security-related capabilities are involved.

Citi (C) is serving as financial adviser to Lockheed Martin on the transaction. Hogan Lovells Cadwalader is providing legal counsel, while Fried Frank is acting as tax counsel, reflecting a structured advisory team supporting the deal’s execution and regulatory review.