Lockheed Martin Corporation has reportedly emerged as the leading bidder to acquire Ultra Maritime, a naval defense company, for around $3.5 billion, with a deal potentially nearing completion as early as next week.
Shares of Lockheed Martin fell over 1.4% in after-hours trade following the report. The company would stand to reflect a significant balance-sheet commitment if the acquisition closes, News.Az reports, citing The Financial Times.
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With a market capitalization in the range of roughly $110 billion, the $3.5 billion price tag is material but manageable, representing a targeted bet on underwater warfare capabilities rather than a transformative merger.
Financial Times reported that talks remain ongoing and no agreement has been formally reached, though sources indicate a public announcement could come as soon as early next week. Ultra Maritime is a division of Advent’s Cobham Ultra business and specializes in anti-submarine warfare technology, including buoys designed to detect torpedoes and submarines. Both the U.S. Navy and Britain’s Royal Navy are customers of the platform, underscoring the strategic sensitivity of the asset and the geopolitical complexity that any buyer will have to navigate.
Advent assembled the Cobham Ultra portfolio through two large transactions: the £4 billion take-private of British defense group Cobham in 2019, followed by the £2.6 billion acquisition of Ultra Electronics two years later, as Financial Times noted. Ultra Maritime represents one of the more technologically differentiated pieces of that assembled business, which is why it has attracted competitive interest. Bloomberg previously reported that Advent put Ultra Maritime up for sale earlier this year.
