WASHINGTON—Covington is advising Advent International as U.S. regulatory counsel in connection with its recently announced agreement to sell portfolio company Ultra Maritime to Lockheed Martin for $3.45 billion.
Ultra Maritime is a global defense company specializing in advanced undersea warfare and anti-submarine warfare (ASW) capabilities. The company develops and delivers mission-critical systems, including sonar technologies, sonobuoys, torpedo defense systems, radar solutions, and autonomous maritime sensing platforms.
Advent International is a leading global private equity investor with a strong track record of investing in the defense sector, including investments in Attalon, Ultra Electronics, Vantor, and Cobham.
Covington is advising on national security, government contracts, international trade, and political law matters in connection with the transaction.
The Covington team advising Advent International is led by Heather Finstuen and Nooree Lee. Other team members include David Fagan, Steve Bartenstein, Zack Parks, Seth Atkisson, Ryan Burnette, Peter Terenzio, Mark Clifford, Jacob Crump, Catherine Wettach, William McClure, Samuel Klein, Daniel Raddenbach, Alexandra Bruer, Raymond LaMotta, and Eunsun Cho.
The transaction agreement was signed on July 6, 2026, and is subject to customary regulatory approvals and closing conditions.
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