Cobham Ultra agrees $3.45bn sale of Ultra Maritime to Lockheed Martin

Cobham Ultra, a portfolio company of Advent International, has agreed to sell Ultra Maritime to Lockheed Martin for $3.45bn, according to PE Hub. The deal would move a Braintree, Massachusetts-based undersea warfare solutions provider from private equity ownership into a major US defence contractor.

Ultra Maritime operates in the US, Canada, the UK and Australia, PE Hub reported. The business is led by Carlo Zaffanella, who serves as president and chief executive.

Advent acquired Ultra Maritime in 2022, according to PE Hub. The agreed sale therefore represents a sponsor exit from a defence technology asset acquired during a period of heightened investor attention on maritime security and allied defence capabilities.

The transaction structure described by PE Hub is a corporate sale by Cobham Ultra to Lockheed Martin. In such a deal, the buyer acquires the target company from its current owner for an agreed consideration, subject to the terms set between the parties. PE Hub did not report additional terms beyond the $3.45bn price.

Ultra Maritime’s business is focused on undersea warfare solutions, a category tied to naval operations and anti-submarine capabilities. Its geographic footprint across four allied defence markets gives the company exposure to procurement and operational requirements in North America, the UK and Australia, according to the reported operating locations.

For Advent, the transaction concerns an asset inside Cobham Ultra, which PE Hub identified as one of the firm’s portfolio companies. Private equity owners typically seek to realise value through sales to strategic buyers, other financial sponsors or public market listings, although PE Hub did not provide details on Advent’s investment performance or sale process.

For Lockheed Martin, the acquisition agreement would add Ultra Maritime’s undersea warfare operations to a defence group already positioned across military technology and systems markets. PE Hub did not report when the transaction is expected to close or whether any regulatory approvals are required.

The reported deal adds to a sequence of defence-related transactions involving specialist technology businesses, where strategic acquirers can use M&A to broaden product capabilities and geographic reach. The details available are limited to the agreed buyer, seller, target company, price, leadership, ownership history and operating footprint reported by PE Hub.

This story draws on original reporting from PE Hub.