Lockheed Martin to Acquire Ultra Maritime Solutions

Lockheed Martin has signed a definitive agreement to acquire Ultra Maritime, a global defense company that specializes in advanced undersea warfare and anti-submarine warfare (ASW) capabilities for allied naval forces, for $3.45 billion. Ultra Maritime develops and delivers mission-critical systems, including sonar technologies, sonobuoys, torpedo defense systems, radar solutions, and autonomous maritime sensing platforms.

Stephanie C. Hill, president of Lockheed Martin Rotary and Mission Systems, stated, "Undersea superiority belongs to those who move fastest and work together best. 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."

Shonnel Malani, managing partner at Advent and chair of the board at Ultra Electronics, noted that the initial investment in Ultra Maritime in 2022 revealed a business with vital technology that had been underinvested. Over the past four years, improvements have been made, strengthening Ultra Maritime as an innovative partner to allied navies, with enhanced execution and next-generation autonomous solutions.

Ultra Maritime's international presence and its range of exportable ASW products, such as sonobuoys and sonar arrays, are expected to complement Lockheed Martin's offerings and expand its ability to deliver sonar solutions across next-generation maritime platforms.

Upon completion of the acquisition, the Ultra Maritime team will integrate into Lockheed Martin's Rotary and Mission Systems business area.

Advisors on the deal include Citi as financial advisor, Hogan Lovells and Cadwalader as legal counsel, and Fried Frank as tax counsel to Lockheed Martin.