Lockheed Martin is leading the race to acquire naval defense group Ultra Maritime for approximately $3.5 billion. The deal is being advised by Guggenheim and JPMorgan.
Ultra is owned by private equity firm Advent International and specializes in anti-submarine technology. The company produces radar and electronic warfare systems, as well as torpedo defense countermeasures.
A Financial Times report indicated that talks are still ongoing, and a deal could be announced as early as this week.
Lockheed Martin is one of the world's largest defense firms, producing aircraft such as the F-35 Lightning II fighter jet and munitions like the Patriot air defense missile.
Defense stocks have had a strong year in 2026, as conflicts from Ukraine to Iran increase demand for munitions worldwide.
In April, the Stockholm International Peace Research Institute reported that global defense expenditures in 2025 climbed to a staggering $2.89 trillion.
