Lockheed Martin has emerged as the frontrunner to buy Advent-owned naval technology group Ultra Maritime for roughly $3.5bn, as defence contractors aim to snap up military tech amid conflicts from Ukraine to Iran.
Lockheed had moved ahead of rival strategic bidders from the US and Europe in the race to buy Ultra Maritime, a division of Advent’s Cobham Ultra business specialising in anti-submarine technology, according to people familiar with the matter. They cautioned that the deal had not been formally agreed and could still shift.
Cobham Ultra was formed after Advent took British defence group Cobham private for £4bn in 2019 and subsequently combined it with Ultra Electronics two years later, which it acquired in a £2.6bn deal.
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