.jpg)
1 hour ago
3
Article content
(Bloomberg) — Lockheed Martin Corp. agreed to buy naval defense business Ultra Maritime, which focuses on submarine detection systems, for $3.45 billion as the US defense giant broadens its undersea weapons portfolio.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The business is being sold by private equity firm Advent’s Cobham Ultra subsidiary, according to a statement Monday.
Article content
Article content
Ultra Maritime focuses on anti-submarine warfare in the air, surface and undersea domains, including sonobuoys, sonar systems and torpedo countermeasures, according to its website. The company supplies navies in the US, Canada, UK and Australia, and in April said it had won a US Navy contract to produce the next-generation AN/SSQ-126B sonobouy, which can be deployed from Boeing Co. P-8 Poseidon aircraft.
Article content
Article content
“Undersea superiority belongs to those who move fastest and work together best,” Stephanie C. Hill, president of Lockheed Martin Rotary and Mission Systems, said in a news release. “By joining forces with Ultra Maritime, 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.”
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Lockheed already produces some undersea systems, including integration work on nuclear submarines and guidance components for the US Mk48 torpedo.
Article content
Advent said in a news release it had invested about $170 million in Ultra Maritime during the past three years.
Article content
Bloomberg News reported in March that Advent was exploring a sale of the business. It will be Lockheed’s fourth deal in 2026 if completed, and by far the largest this year.
Article content
Naval weapons, especially autonomous systems, are in high demand as navies look for ways to cheaply magnify their combat power. Minesweeping equipment, which often includes uncrewed underwater vehicles, has been a particular area of focus after the Iran war led to the closing of the Strait of Hormuz.
Article content
Earlier Monday, Thales SA said it was buying Exail Technologies SA, a French company specializing in such systems.
Article content
(Updates throughout with details, context. Edits to conform.)
Article content
English (US)