M&A · Industrials · Miscellaneous Electrical Machinery, Equipment & Supplies
EnerSys to acquire Ultralife Corp
Announced Oct 27, 2026 · Pending Oct 28, 2026
Deal value$320MEV $320M
Premium166.0%To unaffected price
EV / Adj. EBITDA—1.7x EV / Revenue
ConsiderationAll cash$16.00 per share
Transaction
- Acquirer
- EnerSys (ENS)
- Target
- Ultralife Corp (ULBI)
- Buyer type
- Strategic
- Offer price per share
- $16.00
- Enterprise value
- $320M
- Status
- Pending Oct 28, 2026
Deal protections
- Break fee (target pays)
- $10.3M · 3.2%
- Reverse fee (buyer pays)
- $10.3M · 3.2%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- XMS Capital
Sector context · Industrials
- Comparable deals
- 97 in the prior 24 months
- Premium
- 166.0% vs. 37.5% sector median
- EV / Adj. EBITDA
- Sector median 11.3x
- Break fee
- 3.2% vs. 2.9% sector median
Timeline
- AnnouncedOct 27, 2026
- Tender offerOct 28, 2026
- ClosedPending
Valuation · fairness opinions
Other analysis$10.60$17.60
Trading comparables$9.10$13.30
Precedent transactions$8.70$16.10
Discounted cash flow$14.10$23.50
52-week trading range$5.05$7.95
Offer $16.00
Implied value per Ultralife Corp share by analysis.