EnerSys has agreed to acquire Ultralife Corporation in an all-cash transaction valued at approximately $320 million, including the assumption of net debt. The Ultralife acquisition, announced October 27, 2026, would pay shareholders $16 per share and is expected to close in the first quarter of calendar 2027, subject to conditions.

Key Takeaways

  • The $16 cash offer represents a 166% premium to Ultralife’s October 26 closing price.
  • EnerSys plans to fund the deal with cash on hand; it is not subject to a financing contingency.
  • The deal requires a majority of outstanding Ultralife shares to be tendered and applicable regulatory approvals.

Ultralife acquisition terms and timing

The boards of both companies unanimously approved the merger agreement. EnerSys plans to use a subsidiary to launch a tender offer for all outstanding Ultralife common shares. The offer had not commenced as of the October 27 announcement.

Completion remains subject to customary conditions, including the tender of at least a majority of Ultralife’s outstanding common shares and receipt of applicable regulatory approvals. If the transaction closes, Ultralife shares will no longer be listed on a public market.

Why EnerSys wants Ultralife

EnerSys said the combination would broaden its defense power portfolio and add Ultralife’s multi-chemistry capabilities and manufacturing capacity. The companies identified applications including munitions, soldier power, drones and autonomous systems.

Ultralife supplies battery, power, communications and computing solutions to markets including government and defense, medical, oil and gas, and industrial customers. EnerSys supplies stored-energy equipment to industrial, infrastructure and defense customers.

Tender offer documents

EnerSys and its subsidiary intend to file a tender offer statement with the Securities and Exchange Commission when the offer begins. Ultralife said it will subsequently file a solicitation and recommendation statement concerning the offer.

Next milestone

The next step is the planned launch of EnerSys’ tender offer and the filing of the related offer documents.

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