Terms of the transaction, which is subject to customary conditions, weren't disclosed.
"This acquisition is consistent with our strategy of acquiring capabilities that enhance our ability to expand into attractive adjacent market opportunities," said Lockheed Martin Chief Executive Officer and President Marillyn Hewson.
"We look forward to expanding our corporation's presence in Canada and plan to begin engine MRO operations for commercial and military customers later this year."
Lockheed Martin Canada said the MRO assets being acquired from the Montreal company will give it the capability to a full range of services on the CF34 and CFM56 engine families, which power the regional Embraer and Canadian RJ jets and the Airbus 320 aircraft.
The facility being purchased from Aveos as part of the deal will be named Kelly Aviation Center Montreal.
"This expansion into the commercial engine maintenance, repair and overhaul industry is a natural progression of our strategy to grow our business," said Lockheed Martin Aeronautics Executive Vice President Larry Lawson.