EnerSys agrees to buy Ultralife for $16 a share in a cash tender offer

EnerSys has agreed to buy Ultralife Corporation for $16.00 a share in cash through a tender offer, a deal the battery maker values at about $320 million, according to an 8-K filed Tuesday.

Under the merger agreement signed Oct. 27, an EnerSys subsidiary will launch a tender offer within 10 business days to buy all outstanding Ultralife shares at $16.00 each. If the offer succeeds, the subsidiary will merge into Ultralife under a Delaware law provision that lets the deal close without a separate shareholder vote, leaving Ultralife as a wholly owned unit of EnerSys.

What EnerSys is buying

Ultralife, based in Newark, New York, supplies power products for military communications and other specialized applications and serves government, defense and commercial customers, according to EnerSys's announcement included in the filing. It generated $191 million in revenue in fiscal 2025 and employs more than 700 people. EnerSys describes itself as a provider of stored energy solutions, including batteries and chargers, for industrial, infrastructure and defense customers.

EnerSys said it expects $15 million to $20 million in annual run-rate cost synergies within the first 18 months after closing.

Timing and conditions

The tender offer will initially be set to expire 25 business days after it begins. Closing requires that more than 50% of Ultralife's outstanding shares be tendered, along with regulatory approvals and other customary conditions. EnerSys expects the deal to close in the first quarter of calendar 2027.

XMS Capital Partners is serving as EnerSys's financial advisor, and Reed Smith LLP is legal counsel, according to the announcement.

Why it matters

For EnerSys, the deal is a modest bolt-on next to its core business, but it deepens the company's exposure to military and specialized power, a market where demand has been supported by defense spending. A cash tender offer is typically a faster route to closing than a traditional merger vote, which is why EnerSys is targeting completion within a few months.

For Ultralife shareholders, the main decision will be whether to tender at $16.00 once the offer opens. The tender offer documents, which EnerSys must file with the SEC when the offer starts, will lay out the full terms.

Sources

1. EnerSys Form 8-K (Item 1.01) on the Ultralife merger agreement, filed Oct. 27, 2026 (accession 0001193125-26-434415)
2. EnerSys Schedule TO-C tender offer communication, filed Oct. 27, 2026 (accession 0001193125-26-434446)

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