“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,” said Stephanie C. Hill, president of Lockheed Martin Rotary and Mission Systems.

Advent International did not disclose its financial advisers. Lockheed Martin said in a separate statement that Citi served as a financial adviser.

Ultra is owned by private equity firm Advent International, and specializes in anti-submarine technology. The company makes radar and electronic warfare systems, as well as torpedo defense countermeasures.

After the deal closes, Ultra’s team will become part of Lockheed Martin’s Rotary and Mission Systems business area.

A Financial Times report last week said that talks were still ongoing and a deal could be announced as early as this week.

Advent was reportedly put up for sale earlier in 2026 for more than 3 billion pounds, or $4 billion.

Lockheed Martin is one of the world’s largest defense firms, producing planes such as the F-35 Lightning II fighter jet and munitions like the Patriot air defense missile.

Defense stocks have enjoyed a bumper year in 2026, as conflicts from Ukraine to Iran increase demand for munitions worldwide.

In April, the Stockholm International Peace Research Institute said global defense outlays in 2025 climbed to a staggering $2.89 trillion, led by massive spending by European nations.

https://www.cnbc.com/amp/2026/07/06/lockheed-martin-leading-race-for-3point5-billion-buy-of-ultra-maritime-.html