Advent is nearing the sale of Ultra Maritime, a unit inside its Cobham Ultra business that supplies undersea defense gear to the U.S. Navy and the Royal Navy. The company has run a competitive auction, and Lockheed Martin has emerged as the front‑runner in a deal valued at about $3.5bn.

Advent built the asset through two large take‑private moves, buying Cobham for £4bn ($5bn) in 2019 and merging it with Ultra Electronics for £2.6bn ($3.6bn) in 2021 to form Cobham Ultra. Since then, the firm has poured roughly $170m into product development, speeding production and boosting deliveries.

Under Advent’s stewardship, Ultra Maritime’s revenue is projected to climb to about $784m in 2026 from $494m in 2023 Starts employing roughly 2,000 people across the Five Eyes alliance, the business recently partnered with Anduril Industries to pair autonomous subsea vehicles with its sensors, expanding its anti‑submarine portfolio.

Advent’s move marks a high‑value exit after a decade of strategic growth, and Lockheed’s win signals continued consolidation in the defense tech sector. The transaction will shape procurement dynamics for U.S.