EnerSys Signs Definitive $16.00/Share Cash Deal for Ultralife, ~$320M Enterprise Value
ENS sits 43% above its 52-week low of $120.27 on light trading volume (0.4× avg).
Summary
EnerSys will acquire Ultralife for $16.00 per share in cash, about $320 million enterprise value, funded from cash on hand. Holders of roughly 40.3% of Ultralife shares have already agreed to tender, and the deal is expected to close in the first quarter of calendar 2027.
Key Events · M&A and Partnerships · ENS
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Definitive Ultralife Merger Signed
EnerSys will acquire Ultralife for $16.00 per share in cash, an enterprise value of approximately $320 million, via a tender offer followed by a Section 251(h) merger.
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Cash-Funded, No Financing Condition
The transaction is funded through cash on hand and carries no financing condition; EnerSys will also repay Ultralife's existing credit agreement at closing.
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40.3% Support Locked Up
Stockholders holding approximately 40.3% of Ultralife shares signed a tender and support agreement to tender and vote in favor, though that alone does not satisfy the majority minimum condition.
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Symmetric $10.3M Break Fees
Ultralife owes EnerSys a $10,300,000 termination fee in specified circumstances, and EnerSys owes an equal reverse termination fee if antitrust or NSIA clearance fails.
Analysis · ENS · Manufacturing
EnerSys has locked in a definitive agreement to buy Ultralife for $16.00 per share in cash, an enterprise value of roughly $320 million, funded entirely from cash on hand. Small next to EnerSys's own size, the deal is strategically targeted: it adds Ultralife's $191 million of FY2025 revenue, U.S.-based multi-chemistry battery manufacturing and defense drone/counter-drone exposure. Management guides to $15-20 million of annual run-rate cost synergies within 18 months and accretion to adjusted EPS in about 18 months. The structure is shareholder-friendly for certainty — a tender offer for a majority stake, a support agreement covering roughly 40.3% of Ultralife shares, and symmetric $10.3 million break fees — but it still needs HSR and UK NSIA clearance, with an April 27, 2027 outside date. No financing condition means the main risk is regulatory timing, not capital.
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At the time of this filing, ENS was trading at $171.75 on NYSE in the Manufacturing sector, with a market capitalization of approximately $6.2B. The 52-week trading range was $120.27 to $244.30. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.