BETHESDA (dpa-AFX) - Lockheed Martin Corp. (LMT), a defense technology company announced on Monday that it will acquire Ultra Maritime Solutions for $3.45 billion.
Defense company Ultra Maritime manufactures sonar technologies, sonobuoys, torpedo defense systems, radar solutions and autonomous maritime sensing platforms.
The deal will expand Lockheed Martin Rotary and Mission Systems' undersea warfare portfolio. Ultra Maritime's international footprint and exportable ASW products, including towed sonar arrays and hull-mounted sonar, will complement Lockheed's sonar offerings for next-generation maritime platforms.
Ultra Maritime's team will join Lockheed's Rotary and Mission Systems business area after closing.
Citi advised Lockheed Martin on the deal. Hogan Lovells and Fried Frank served as legal and tax counsel.
On the NYSE, shares of Lockheed Martin are currently trading 1.21 percent lower at $539.17.
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