{"text":[[{"start":8.85,"text":"Defence groups Lockheed Martin and Thales struck twin maritime technology deals worth close to $8bn on Monday, as heightened tensions around global waterways drive a surge of interest."}],[{"start":20.049999999999997,"text":"Lockheed has agreed a $3.45bn deal to acquire naval technology group Ultra Maritime from private equity firm Advent, while Thales unveiled a transaction for Paris-listed Exail Technologies, which values the maritime robotics and navigation company at €3.9bn."}],[{"start":38.599999999999994,"text":"The pair of deals illustrates the increasing growth potential of maritime security and warfare to defence companies. Countries and the Nato alliance have come to see protecting undersea energy and communications infrastructure as a priority."}],[{"start":53.449999999999996,"text":"Maryland-based Lockheed, one of the US’s largest aerospace and defence groups with a market capitalisation of about $125bn, saw off rivals for Ultra Maritime including Thales, people familiar with the matter said. Thales declined to comment. "}],[{"start":68.85,"text":"That deal gives Lockheed ownership of Ultra Maritime’s sensitive technology for undersea warfare, where it is a world leader in technology for detecting submarines and torpedoes."}],[{"start":80.55,"text":"Ultra Maritime is a division of Advent’s Cobham Ultra business, which the private equity group built up through the acquisitions of British defence group Cobham for £4bn in 2019 and its £2.6bn deal for Ultra Electronics, which came two years later."}],[{"start":99,"text":"Advent said it had invested $170mn into the company’s product development and manufacturing over the past three years, with revenues rising 17 per cent annually over that timeframe. "}],[{"start":111.85,"text":"Ultra Maritime’s revenue was on track to jump to about $784mn in 2026 from $494mn in 2023, the FT previously reported."}],[{"start":122.8,"text":"“When we invested in Ultra Maritime in 2022, we saw a business with mission-critical technology and a vital role in protecting allied nations from undersea threats, but one that had been underinvested,” said Advent managing partner Shonnel Malani. “Over the past four years, we have changed that.”"}],[{"start":142,"text":"Thales meanwhile secured a deal for the Gorgé family’s 35.5 per cent stake in Exail, and announced a tender offer for the rest of the company."}],[{"start":152.4,"text":"Adding Exail will allow Thales to expand into demining operations, the importance of which has been underlined by Iranian operations in the Strait of Hormuz. Jet engine maker Safran had said just days ago that it was in exclusive talks to buy the Exail stake. "}],[{"start":168.6,"text":"Thales trumpeted the strategic value of the deal for improving Europe’s technological independence from the US and said the acquisition would add to revenue and operating income by 2032."}],[{"start":180.4,"text":"“We will strengthen our high-technology industrial base and innovation for our world-class defence and civil customers, while reinforcing Europe’s technological sovereignty,” Thales CEO Patrice Caine said."}],[{"start":192.75,"text":"This article has been updated to remove a reference to the movement in Exail’s share price"}],[{"start":206.9,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1783399100_1500.mp3"}