M&A · Power and communications supplier
EnerSys agrees to buy Ultralife to expand defense battery production
The deal values Ultralife at about $320 million including net debt. Closing is expected in the first quarter of calendar 2027, subject to a majority tender and regulatory approvals.
EnerSys agreed on Oct. 27 to acquire Ultralife in an all-cash transaction valued at about $320 million, including net debt1–2. Ultralife supplies rechargeable and non-rechargeable batteries, battery systems and accessories for military communications and other specialized applications3.
EnerSys intends to finance the transaction with cash on hand
acquisition of Ultralife by EnerSys in a two-step tender offer and merger
in an all-cash transaction valued at approximately $320 million, including the assumption of net debt
The tender offer price is $16.00 per Ultralife share in cash.
The transaction is expected to close in the first quarter of calendar year 2027, subject to customary closing conditions including a majority tender and regulatory approvals.
Ultralife Form 8-K and Oct. 27, 2026 release (Exhibit 99.1)
Sources
EnerSys says the acquisition would add multi-chemistry capabilities and manufacturing capacity with existing security and environmental permits. It expects broader exposure to defense applications including munitions, soldier power, drones, counter drones and autonomous systems3.
The tender offer price is $16 per share1. That represents a 166% premium to Ultralife's Oct. 26 closing price2. Ultralife generated $191 million in fiscal 2025 revenue, according to EnerSys. EnerSys expects $15 million to $20 million in annual run-rate cost synergies. It expects to realize those synergies within the first 18 months3.
EnerSys plans to fund the transaction with cash on hand, and the offer has no financing condition. The companies expect to close in the first quarter of calendar 2027, subject to customary closing conditions2. Those include a majority tender, expiration or termination of the Hart-Scott-Rodino waiting period and clearance under the UK National Security and Investment Act1–2. Holders of about 40.3% of Ultralife shares have agreed to tender, short of the minimum needed1.
EnerSys expects Ultralife's operational expertise to help scale production of its liquid reserve battery technology. It also expects the combination to create a broader portfolio compliant with Foreign Entity of Concern rules for Department of War and allied customers3.
Sources (3)
- Ultralife Form 8-K, Items 1.01, 7.01 and 9.01 www.sec.gov
- Exhibit 99.1, Ultralife press release, Oct. 27, 2026 www.sec.gov
- Exhibit 99.2, EnerSys press release, Oct. 27, 2026 www.sec.gov