# 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. Published 2026-10-29 by TGOs. Canonical: https://tgos.io/news/2026/10/29/enersys-agrees-to-buy-ultralife-to-expand-defense-battery/ EnerSys agreed on Oct. 27 to acquire Ultralife in an all-cash transaction valued at about $320 million, including net debt[1][2]. Ultralife supplies rechargeable and non-rechargeable batteries, battery systems and accessories for military communications and other specialized applications[3]. EnerSys says the acquisition would add multi-chemistry capabilities and manufacturing capacity with existing security and environmental permits[3]. It expects broader exposure to defense applications including munitions, soldier power, drones, counter drones and autonomous systems[3]. The tender offer price is $16 per share[1]. That represents a 166% premium to Ultralife's Oct. 26 closing price[2]. Ultralife generated $191 million in fiscal 2025 revenue, according to EnerSys[3]. EnerSys expects $15 million to $20 million in annual run-rate cost synergies[3]. It expects to realize those synergies within the first 18 months[3]. EnerSys plans to fund the transaction with cash on hand, and the offer has no financing condition[2]. The companies expect to close in the first quarter of calendar 2027, subject to customary closing conditions[2]. Those include a majority tender, expiration or termination of the Hart-Scott-Rodino waiting period and clearance under the UK National Security and Investment Act[1][2]. Holders of about 40.3% of Ultralife shares have agreed to tender, short of the minimum needed[1]. ## Why it matters EnerSys expects Ultralife's operational expertise to help scale production of its liquid reserve battery technology[3]. It also expects the combination to create a broader portfolio compliant with Foreign Entity of Concern rules for Department of War and allied customers[3]. ## Sources 1. Ultralife Form 8-K, Items 1.01, 7.01 and 9.01 2. Exhibit 99.1, Ultralife press release, Oct. 27, 2026 3. Exhibit 99.2, EnerSys press release, Oct. 27, 2026