EnerSys to Acquire Ultralife for $320 Million in Cash

EnerSys (ENS) entered into a merger agreement on October 27, 2026, to acquire Ultralife Corporation (ULBI) in a deal valued at $320 million.

Deal Structure:

EnerSys, through a subsidiary, will commence a tender offer to acquire all of the outstanding shares of Ultralife common stock at a price of $16 per share in cash, representing a 151.57% premium over the stock’s last close.

Company Profile:

Ultralife is a manufacturer of batteries, power systems, and communication and electronic equipment for government, defense, and commercial customers. The company operates through two segments: Battery & Energy Products and Communications Systems, with operations across North America, Europe, and Asia.

EnerSys is a global manufacturer and supplier of industrial batteries, chargers, power systems, and energy storage solutions for telecommunications, data centers, material handling, transportation, aerospace, and defense markets. The company operates through four segments: Energy Systems, Motive Power, Specialty, and New Ventures, serving customers worldwide.

Deal Details and Timeline:

The transaction will be funded using available cash on hand.

The deal is expected to close in the first quarter of 2027.

EnerSys received financial advice from XMS Capital Partners and legal advice from Reed Smith.

EnerSys is acquiring Ultralife at a valuation of 11.08 times EBITDA.

Deal Metrics:

For more detailed insights into this merger and acquisition, please visit the Deal Metrics page here:

Deal Metrics for the acquisition of Ultralife Corporation (ULBI) by EnerSys (ENS)

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Editor’s Note: Baranjot Kaur contributed to this article