Lockheed Martin has agreed to acquire Ultra Maritime, the Braintree, Massachusetts-based undersea warfare specialist, from Advent-backed Cobham Ultra for $3.45 billion. The transaction gives the defense giant a deeper foothold in anti-submarine warfare, sonar systems, and unmanned underwater vehicles — capabilities that align with rising NATO spending on undersea domain awareness.

Ultra Maritime operates across the US, Canada, UK, and Australia under president and CEO Carlo Zaffanella. The business was folded into Cobham Ultra after Advent International acquired the former Ultra Electronics in 2022, a deal that drew scrutiny from UK regulators over national security grounds before closing with commitments to protect sensitive IP.

For Lockheed, the purchase plugs a portfolio gap in maritime sensors and autonomous systems at a moment when the US Navy and allies are accelerating procurement of distributed maritime operations kit. The price tag implies a healthy multiple on Ultra Maritime's estimated $400–$500 million in annual revenue, reflecting premium valuations for niche defense tech with high barriers to entry.

The deal signals continued consolidation among mid-tier defense contractors as primes seek to secure supply chains and next-gen capabilities. Advent exits a non-core asset at a strong return, while Lockheed adds a proven platform to counter expanding undersea threats from near-peer adversaries.