Lockheed Martin leading race for $3.5 billion purchase of naval defense firm Ultra Maritime

Defense heavyweight Lockheed Martin is leading the race to buy naval defense group Ultra Maritime, CNBC has learned.

The deal to acquire Ultra is roughly $3.5 billion, and Guggenheim and JPMorgan are advising on the sell side, according to sources close to CNBC.

Ultra is owned by private equity firm Advent International, and specializes in anti-submarine technology. The company makes radar and electronic warfare systems, as well as torpedo defense countermeasures.

A Financial Times report last week said that talks were still ongoing and a deal could be announced as early as this week.

Advent was reportedly put up for sale earlier in 2026 for more than 3 billion pounds, or $4 billion.

Lockheed Martin is one of the world's largest defense firms, producing planes such as the F-35 Lightning II fighter jet and munitions like the Patriot air defense missile.

Defense stocks have enjoyed a bumper year in 2026, as conflicts from Ukraine to Iran increase demand for munitions worldwide.

In April, the Stockholm International Peace Research Institute said global defense outlays in 2025 climbed to a staggering $2.89 trillion, led by massive spending by European nations.