Lockheed Martin has agreed to acquire Ultra Maritime, a global defense company specializing in advanced undersea warfare and anti-submarine warfare (ASW) technologies, for $3.45 billion.
The acquisition will strengthen Lockheed Martin’s maritime defense portfolio by adding advanced sonar technologies, sonobuoys, torpedo defense systems, radar solutions and autonomous maritime sensing platforms. Upon closing, Ultra Maritime will become part of Lockheed Martin’s Rotary and Mission Systems business area. Ultra Maritime develops systems that support allied naval forces in detecting, tracking and countering undersea threats. The company has an international footprint and a portfolio of exportable ASW products, including sonobuoys, towed sonar arrays and hull-mounted sonar systems, serving customers across the U.S. and allied defense markets.
Citi is serving as financial advisor to Lockheed Martin, Hogan Lovells and Cadwalader, Wickersham & Taft are serving as legal counsel, and Fried Frank is serving as tax counsel.