EnerSys has entered into a definitive agreement to acquire Ultralife Corporation in a two-step transaction valued at approximately $320 million in enterprise value. Under the terms of the Merger Agreement, EnerSys will commence a tender offer to purchase all outstanding shares of Ultralife common stock for $16.00 per share, representing a 166% premium to Ultralife’s unaffected closing share price on October 26, 2026.
The transaction is expected to close in the first quarter of calendar year 2027, subject to customary conditions including the tender of at least a majority of outstanding shares and receipt of regulatory approvals. EnerSys plans to fund the acquisition using cash on hand.
Ultralife generated $191 million in revenue in fiscal 2025 and employs more than 700 people across the U.S., Canada, the U.K., and China. The company is a leading provider of rechargeable and non-rechargeable batteries and battery systems for military communications and specialized applications.
EnerSys expects to realize $15 million to $20 million in annual run-rate cost synergies within the first 18 months following the close of the transaction. The acquisition is expected to be accretive to adjusted diluted earnings per share within approximately 18 months after closing, excluding transaction and integration costs.
The boards of directors of both companies have unanimously approved the agreement. EnerSys Mergersub Inc., a wholly owned subsidiary of EnerSys, will serve as the acquiring entity in the merger.
