Lockheed, Ondas move on tech-focused acquisitions
Gettyimages.com / Andrey Kulagin
By
Ross Wilkers
Maritime systems, including sonar, and autonomous vehicles are the key areas of interest for both buyers.
Lockheed Martin
The world’s largest defense company has entered into a $3.45 billion agreement to buy Ultra Maritime, a business unit of Cobham Ultra that focuses on undersea and anti-submarine warfare technologies.
Ultra Maritime’s product portfolio sonar technologies, sonobuoys, torpedo defense systems, radar solutions, and autonomous maritime sensing platforms.
Post-close, Ultra Maritime will become a part of Lockheed’s rotary and mission systems segment as the acquirer looks to expand its ability to offer sonar solutions across maritime platforms. The RMS segment, as it is known inside Lockheed, posted $17.3 billion in revenue in 2025 and employs 35,000 people worldwide.
Cobham Ultra was created in 2022 after private equity firm Advent International brought together Ultra Electronics and Cobham, the latter of which was acquired in 2020.
This is the second key divestiture Cobham Ultra has announced in less than a month and follows Booz Allen Hamilton’s $720 million agreement to buy the Ultra Mission Solutions defense unit, a move announced in late June.
Guggenheim advised Cobham Ultra and Advent. Lockheed’s advisers for the transaction are Citi, Hogan Lovells Cadwalader and Fried Frank.
Ondas
This tech developer focused on robotics, autonomous systems and private wireless networks has entered into an $875 million cash-and-stock agreement to buy drone maker DZYNE Technologies in a portfolio expansion move.
Both companies manufacture unmanned aircraft and augmenting technologies, such as sensors and counter-drone systems, for government agencies and customers in certain highly-regulated industrial sectors.
With DZYNE in the fold, Ondas is positioning itself as a more well-rounded provider of defense technology in both the hardware and software realms. Ondas is also using this transaction as the foundation for Ondas Sentinel, an operating division focused on autonomous defense tech offerings for U.S. customers.
Ryan Hartman has been appointed chief executive of Ondas Sentinel, while DZYNE’s CEO Matt McCue has been named the unit’s chief technology officer. Ondas is targeting $525 million in revenue for this year, up from $390 million in 2025, with DZYNE’s expected contribution for this year at $191 million.
DZYNE has been owned since 2023 by the private investment firm Highlander Partners, which will own 13.8% of Ondas’ common stock after the close. The transaction value breaks out to $200 million in cash and $675 million in Ondas stock.
Citizens Capital Markets & Advisory and Akerman LLP advised Ondas, while Baird and Baker McKenzie are the advisers to DZYNE and Highlander.