Lockheed Martin Leads $3.5B Bid for Naval Defense Firm Ultra Maritime

Lockheed Martin is the frontrunner to buy naval defense specialist Ultra Maritime in a deal worth roughly $3.5 billion, CNBC reported, citing sources close to the process. Guggenheim and JPMorgan are advising the sell side.

Ultra, owned by private equity firm Advent International, builds anti-submarine warfare systems, radar, electronic warfare gear, and torpedo countermeasures. Advent put the company up for sale earlier this year, with a Financial Times report last week saying talks were ongoing and an announcement could come as early as this week.

The acquisition would add a naval-technology layer to Lockheed's portfolio, which already includes the F-35 fighter jet and the Patriot missile system. Ultra's anti-submarine focus fits a growing demand signal from navies worldwide, particularly in the Indo-Pacific and European theaters.

Defense spending globally hit $2.89 trillion in 2025, according to the Stockholm International Peace Research Institute, led by European rearmament. Lockheed's LMT stock page shows an Alpha Score of 40, reflecting mixed momentum against a sector that has broadly rallied on elevated military budgets.

Advent had reportedly sought more than £3 billion ($4 billion) for Ultra earlier in the sale process. The final price tag of $3.5 billion suggests a slight discount, though the deal structure and any earnout provisions remain undisclosed.

Lockheed declined to comment on the report. Advent did not respond to a request for comment.