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Lockheed Martin is to acquire Ultra Maritime for $3.45 billion, after it was put up for sale by its owner, private equity firm Advent.
U.S.- and UK-based Ultra—which produces a range of systems including sonars, sonobuoys and radars—will become part of Lockheed Martin’s Rotary and Mission Systems business area if the deal, announced July 6, is approved by regulators.
Ultra says it has seen revenues grow by around 17% per year over the last three years as global defense spending has increased. The company claims it has become recognized as a “partner of choice” for the developments in uncrewed anti-submarine warfare from the air.
Shonnel Malani, managing partner at Advent, and chair of Ultra Electronics said the previous owners had “underinvested” in the business, but the company had now become a “stronger, more innovative partner,” to allied navies.
Lockheed Martin says the purchase will “complement and expand Lockheed Martin's ability to offer sonar solutions across next-gen maritime platforms.”
“By joining forces with Ultra, we’re accelerating our commitment to deliver the most advanced undersea and anti-submarine warfare capabilities to our U.S. and allied partners across the globe,” said Stephanie Hill, Lockheed Martin’s President for Rotary and Mission Systems.
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