What Happened
Defense Giant Eyes Naval Defence Business In Multibillion Dollar Deal
Lockheed Martin is leading the race to acquire Ultra Maritime, a naval defence business owned by private-equity firm Advent International, in a deal that could be worth $3.5 billion. Ultra Maritime specializes in anti-submarine warfare and undersea defence technologies. The potential acquisition comes as defence contractors seek to expand their military technology portfolios amid heightened geopolitical tensions and increased defence spending. The deal was first reported by the Financial Times, according to Reuters.