Lockheed in front for reported $3.5bn Ultra Maritime acquisition

Lockheed Martin is the frontrunner to acquire Ultra Maritime in a transaction valued at about $3.5 billion, CNBC reported, citing people familiar with the matter. A purchase would add a specialist in anti-submarine systems, radar, electronic warfare and torpedo-defense countermeasures to one of the world’s largest defense contractors at a time of elevated weapons demand.

CNBC reported that Guggenheim and JPMorgan are advising the seller in the process. Ultra Maritime is owned by Advent International, the private equity firm.

The Financial Times reported last week that discussions were still under way and that an agreement could be announced as soon as this week. CNBC’s report did not say that a definitive deal had been signed, and the timing and final terms remain subject to the outcome of negotiations.

What Ultra Maritime would add

Ultra Maritime operates in naval defense, with a focus on anti-submarine technology. According to CNBC, the company produces radar and electronic warfare systems, as well as countermeasures designed to defend against torpedoes.

Those capabilities sit within a segment of defense procurement tied to undersea warfare and fleet protection. Anti-submarine systems are used to detect, track and help counter underwater threats, while electronic warfare equipment is designed to use the electromagnetic spectrum to sense, disrupt or protect military operations.

For Lockheed Martin, the reported acquisition would broaden a portfolio already centered on major defense platforms and weapons. CNBC noted that Lockheed makes the F-35 Lightning II fighter jet and the Patriot air defense missile, among other products.

Sale process and valuation

In a private equity sale process, sell-side advisers typically contact potential buyers, manage due diligence and negotiate economic and legal terms on behalf of the owner. CNBC identified Guggenheim and JPMorgan as the banks advising on Ultra Maritime’s sale.

Bloomberg reported in March that Advent was exploring a sale of the naval defense business at a valuation above 3 billion pounds, or about $4 billion. CNBC’s latest reported transaction value of roughly $3.5 billion suggests the process has been moving around a similar multibillion-dollar range, though no completed price has been confirmed.

Advent owns Ultra Maritime, according to CNBC. The report did not include comments from Lockheed Martin, Advent, Ultra Maritime, Guggenheim or JPMorgan.

Defense spending backdrop

The prospective deal comes as military budgets have been rising. The Stockholm International Peace Research Institute said in April that global military spending reached $2.89 trillion in 2025, with European countries among the drivers of the increase.

CNBC reported that defense stocks have had a strong year in 2026 as conflicts including Ukraine and Iran have lifted demand for munitions globally. The reported Ultra Maritime sale would therefore take place against a backdrop in which governments have been increasing procurement and defense companies have been assessing capacity, technology and supply chains.

This story draws on original reporting from CNBC.