Deals (w/e 7/10/26)

Lockheed Martin acquires Ultra Maritime from Advent for $3.45bn. Undersea and anti-submarine warfare. Advent bought it in 2022 as part of Cobham Ultra, invested $170m in product development, and is now exiting into a strategic buyer at a defence-sector premium. Revenue projected at $784m in 2026, up from $494m in 2023. The Strait of Hormuz did the rest. Defence is the one corner of the exit market where sponsors are still getting paid properly. ADVENT INTERNATIONAL

easyJet agrees in principle to Castlelake's £5.23bn take-private. Fifth time lucky. The Minneapolis private credit firm raised its bid from 560p to 690p a share since May before the board relented. Deadline extended to August 3. Bernstein reckons Castlelake, an aircraft leasing specialist rather than a traditional sponsor, will break the airline up and separate the fleet, slots, and Holidays business. Four rejections, then a yes. Persistence, or attrition. EURONEWS

Select Medical completes $3.9bn insider-led take-private. A consortium of executive chairman Robert Ortenzio, senior management, and Welsh, Carson, Anderson & Stowe. $16.50 a share, an 18% premium. Delisted from the NYSE on July 1. Management gets to pursue a concentrated rehabilitation strategy without quarterly earnings theatre. LAWRENCE EVANS & CO