EnerSys has agreed to acquire Ultralife Corporation for US$16.00 per share in cash, valuing the Nasdaq-listed battery and communications systems maker at about US$320m including net debt, the companies said on 27 October 2026.
Why EnerSys is buying Ultralife Corporation
EnerSys said the deal broadens its defence power platform, adding multi-chemistry battery capabilities and permitted manufacturing capacity that will help scale its liquid reserve battery technology. The combined group will offer a broader FEOC-compliant product line for US and allied defence customers in areas such as munitions, soldier power, drones and counter-drone systems.
Deal terms and financing
Ultralife shareholders will receive US$16.00 in cash per share, a 166% premium to the 26 October close. EnerSys will fund the deal from cash on hand and there is no financing contingency. Both boards approved the transaction unanimously.
Regulatory approvals and timing
The tender offer requires acceptance by holders of a majority of Ultralife's shares and regulatory approvals. Completion is expected in the first calendar quarter of 2027.
Market context
Ultralife reported revenue of US$191m in fiscal 2025 across its Battery & Energy Products and Communications Systems segments. EnerSys previously expanded in defence power with the 2024 purchase of Bren-Tronics for US$208m.
