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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

all-cash transactionapproximately $320 million

in an all-cash transaction valued at approximately $320 million, including the assumption of net debt

tender offer price$16.00 per Ultralife share in cash

The tender offer price is $16.00 per Ultralife share in cash.

expected to closefirst quarter of calendar year 2027planned

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
TGOs tgos.io

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)
  1. Ultralife Form 8-K, Items 1.01, 7.01 and 9.01 www.sec.gov
  2. Exhibit 99.1, Ultralife press release, Oct. 27, 2026 www.sec.gov
  3. Exhibit 99.2, EnerSys press release, Oct. 27, 2026 www.sec.gov
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M&A

T3 Defense buys KeepZone to expand homeland security sales

The acquisition closed Nov. 4 for $1,539,800 in stock, plus a potential cash earn-out. T3 plans to sell its subsidiaries’ products through KeepZone’s channels.

T3 Defense completed its acquisition of homeland security distributor and integrator KeepZone AI from Nexera Technologies on Nov. 4, issuing 425,594 common shares for all of KeepZone’s stock.1–2

T3 Defense completed the KeepZone acquisition

November 4, 2026

common shares425,594actual

issuing 425,594 common shares for all KeepZone shares

KeepZone’s sales channelsintroduce its subsidiaries’ productsplanned

T3 Defense intends to use KeepZone’s sales channels to introduce its subsidiaries’ products alongside KeepZone’s existing portfolio

T3 Defense Form 8-K, Nov. 6, 2026; company release, Oct. 27, 2026

Sources
TGOs tgos.io

The purchase adds a sales channel to T3, which focuses on manufacturers in areas such as drones, counter-drone systems and tactical robotics.2–3 T3 intends to introduce its subsidiaries’ products through KeepZone alongside the distributor’s existing portfolio.3

KeepZone has several non-exclusive reseller agreements and markets a multi-vendor portfolio covering screening, surveillance, counter-drone technology, AI analytics and unmanned aerial systems.2–3 Its offerings include partner products and its proprietary VocentraAI voice-analysis platform.3

An amendment signed on the closing date increased the stock purchase price to $1,539,800.1 The original agreement, dated Oct. 26, set the price at $1 million.2

The stock payment is accompanied by a potential cash earn-out.1–2 T3’s announcement described that earn-out as 50% of KeepZone’s standalone net profit over the 24 months after closing. The cash payout is capped at $5 million.3

T3 expects KeepZone to become its dedicated homeland security marketing, sales and business development platform. The company expects the platform to extend T3’s commercial reach to critical infrastructure, law enforcement, public safety and border security customers in Israel and international markets.3

Sources (3)
  1. T3 Defense Form 8-K, Nov. 6, 2026 (event Nov. 4) www.sec.gov
  2. T3 Defense Form 8-K, Oct. 27, 2026 www.sec.gov
  3. T3 Defense press release, Oct. 27, 2026 www.sec.gov

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M&A · Maritime intelligence

Windward acquires Azimut.ai to add maritime optical sensing

The maritime intelligence company's first step into ground and ship-based sensors supports its aim to place proprietary cameras at maritime chokepoints.

Windward announced its acquisition of maritime visual intelligence company Azimut.ai on Nov. 3, 2026, adding an optical sensing layer to its platform. The deal marks Windward's first step into ground and ship-based sensors.1

Windward aims to place cameras at chokepoints

Windward announced Nov. 3, 2026 the acquisition of Azimut.ai

cameras at chokepointsaims to place cameras at chokepointsplanned

Windward aims to place cameras at chokepoints and fuse visual identifications with its existing datasets for government and commercial customers

intended for vessel analytics

The system gives customers no raw images or video and is intended for vessel analytics, not identifying individuals

Source: Windward, Nov. 3, 2026

Sources
TGOs tgos.io

Windward aims to place cameras at maritime chokepoints and key thoroughfares, expanding into proprietary sensing alongside the multiple data sources its platform already combines.1

The company says not every vessel transmits, and some signals used in maritime intelligence can be switched off, obscured by weather or jammed. It says the added optical layer identifies and fingerprints vessels in real time at chokepoints and ports, including vessels that go dark to evade detection.1

The system provides customers with no raw images or video footage and is intended to analyze vessel activity, not identify or verify individuals.1

The announcement does not disclose the price or other terms, including closing conditions, or name a customer using the Azimut.ai sensors.1

Windward says it combines visual identifications from its own sensing assets with ownership, sanctions, cargo and behavioral data to produce assessments for government and commercial customers.1

Sources (1)
  1. Windward, "Windward Expands into Maritime Visual Intelligence with Acquisition of Azimut.ai," Nov. 3, 2026 windward.ai