Lockheed Martin has emerged as the leading candidate to purchase Ultra Maritime from private-equity firm Advent International in a deal that could be valued at approximately $3.5 billion, according to a report published Thursday by the Financial Times, which cited sources with knowledge of the situation.
Negotiations are still underway, and the Financial Times reported that an official announcement could come as soon as next week. Despite Lockheed Martin’s front-runner status, the report noted that multiple other potential buyers remain active participants in what is described as a competitive auction process.
Neither Lockheed Martin nor Advent responded to requests for comment from Reuters.
Ultra Maritime focuses on anti-submarine warfare and undersea defense technologies. The company is part of a larger group called Cobham Ultra, which was formed after Advent acquired British aerospace company Cobham in 2019 and later merged it with Ultra Electronics following that company’s acquisition in 2022.
The potential acquisition reflects a broader trend among defense contractors looking to grow their military technology holdings at a time of rising global tensions and increased defense spending, fueled in part by the ongoing war in Ukraine and conflict in the Middle East.
Shares of Lockheed Martin dipped slightly in after-hours trading following the report.
