Lockheed Martin Corp (NYSE:LMT) said on Monday it has signed a definitive agreement to acquire Ultra Maritime for $3.45 billion, in a move aimed at expanding its undersea warfare and anti-submarine warfare capabilities for allied naval forces.
Ultra Maritime is a global defense company specializing in advanced undersea systems, including sonar technologies, sonobuoys, torpedo defense systems, radar solutions and autonomous maritime sensing platforms. The company’s portfolio is used in a range of naval applications focused on detecting and countering submarine and underwater threats.
“Undersea superiority belongs to those who move fastest and work together best,” said Stephanie C. Hill, president of Lockheed Martin Rotary and Mission Systems. “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, said the business had been strengthened since Advent’s investment in 2022.
“When we invested in Ultra Maritime in 2022, we saw a business with mission-critical technology and a vital role in protecting allied nations from undersea threats, but one that had been underinvested and was not yet fully delivering for its customers,” Malani said.
“Over the past four years, we have changed that. Ultra Maritime is now a stronger, more innovative partner to allied navies, with improved execution, greater industrial capacity and next-generation autonomous solutions that position it well for future warfare.”
Lockheed Martin said Ultra Maritime’s international footprint and exportable ASW products, including sonobuoys, towed sonar arrays and hull-mounted sonar systems, will complement and expand its existing maritime offerings across next-generation naval platforms.
Following completion of the transaction, Ultra Maritime will be integrated into Lockheed Martin’s Rotary and Mission Systems business segment.
Shares of Lockheed Martin traded down more than 1% on the news.