Defence giant Lockheed Martin will acquire naval defence company Ultra Maritime from Advent International for $3.45 billion, the private equity firm said on Monday.
Ultra Maritime is known for its expertise in anti-submarine warfare technologies. The company develops a range of defence systems, including radar and electronic warfare equipment, as well as torpedo defence countermeasures used by naval forces.
Advent International is said to have put Ultra Maritime up for sale earlier in 2026, reportedly seeking a valuation of more than 3 billion pounds (about $4 billion).
The acquisition would further strengthen Lockheed Martin’s position in the global defence industry. The company is among the world’s largest military contractors, manufacturing advanced platforms such as the F-35 Lightning II fighter aircraft and missile systems, including the Patriot air defence system.
The deal comes at a time when defence companies are benefiting from a surge in military spending worldwide. Ongoing geopolitical tensions and conflicts, including the wars involving Ukraine and heightened hostilities in the Middle East, have driven demand for weapons, ammunition and advanced defence technologies.
Reflecting this trend, the Stockholm International Peace Research Institute (SIPRI) reported in April that global military expenditure reached a record $2.89 trillion in 2025, with European countries accounting for a significant share of the increase as governments ramped up defence budgets in response to evolving security challenges.
Lockheed Martin secures $35 billion Pentagon contract
Lockheed Martin Corp has received a US Defense Department contract worth up to $35 billion to significantly expand production of missile-defence interceptors, marking a major step in the Trump administration’s push to strengthen the country’s munitions manufacturing capacity.
Under the seven-year undefinitized contract action, Lockheed Martin will increase output of Terminal High Altitude Area Defense (THAAD) interceptors, the company said in a statement issued in June.
The contract follows a framework agreement signed between Lockheed Martin and the in January, under which the defence company committed to substantially raising interceptor production over a multi-year period to meet growing military requirements.
The latest award is part of the administration’s broader effort to revitalise the US defence industrial base. President Donald Trump has made expanding weapons production a key priority as military planners seek to replenish inventories after thousands of missiles and interceptors were expended during months of conflict involving Iran.
Speaking to reporters after meeting Trump at the White House on Wednesday, Secretary General Mark Rutte said boosting munitions manufacturing was critical to restoring stockpiles and ensuring preparedness for future security challenges.
The administration has also taken additional steps to accelerate production.