Lockheed Martin has emerged as the frontrunner to acquire Advent International-owned Ultra Maritime in a deal worth around $3.5bn, according to a report by the Financial Times.
Ultra Maritime, part of Advent’s Cobham Ultra business, specialises in undersea defence technology, including systems used to detect submarines and torpedoes. Its products are used by the US Navy and the UK’s Royal Navy.
Talks between Lockheed and Ultra Maritime are ongoing, with an agreement potentially being announced as soon as early next week. Other US and European defence groups are also pursuing the business through a competitive auction process.
Cobham Ultra was created after Advent took UK defence group Cobham private for £4bn in 2019 and later combined it with Ultra Electronics, which it acquired in a £2.6bn deal in 2021.
Ultra Maritime’s revenue is expected to rise to about $784m in 2026, up from $494m in 2023. Advent has invested around $170m in product development and sites over the past three years to increase production capacity and accelerate deliveries.
The company employs around 2,000 people across the Five Eyes intelligence-sharing alliance of the US, UK, Canada, Australia and New Zealand. Last year it partnered with Anduril Industries to develop next-generation anti-submarine technology by combining Anduril’s autonomous subsea vehicles with Ultra Maritime’s sensors.
The potential sale comes amid rising defence spending and growing demand for military technology, driven by conflicts in Ukraine, the Middle East and wider pressure on western defence stockpiles.
