EnerSys Completes $1.47B Alpha Technologies Acquisition
Ticker: ENS · Form: 8-K · Filed: Jul 26, 2024 · CIK: 1289308
| Field | Detail |
|---|---|
| Company | Enersys (ENS) |
| Form Type | 8-K |
| Filed Date | Jul 26, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $208 m |
| Sentiment | bullish |
Sentiment: bullish
Topics: acquisition, merger, energy-storage
TL;DR
EnerSys just bought Alpha Technologies for $1.47B, beefing up their energy storage game.
AI Summary
On July 26, 2024, EnerSys announced the completion of its acquisition of all outstanding shares of common stock of Alpha Technologies Group, Inc. for a purchase price of approximately $1.47 billion. This strategic move is expected to enhance EnerSys's position in the energy storage market.
Why It Matters
This acquisition significantly expands EnerSys's capabilities and market presence in the rapidly growing energy storage sector, potentially leading to increased revenue and market share.
Risk Assessment
Risk Level: medium — The integration of Alpha Technologies presents potential risks related to synergy realization and market reception, alongside the financial commitment of the acquisition.
Key Numbers
- $1.47B — Purchase Price (Total cost for acquiring Alpha Technologies Group, Inc.)
Key Players & Entities
- EnerSys (company) — Acquiring company
- Alpha Technologies Group, Inc. (company) — Acquired company
- $1.47 billion (dollar_amount) — Purchase price
- July 26, 2024 (date) — Date of acquisition completion
FAQ
What is the primary strategic benefit EnerSys expects from acquiring Alpha Technologies?
EnerSys expects the acquisition to enhance its position in the energy storage market.
What was the exact date of the completion of the acquisition?
The acquisition was completed on July 26, 2024.
What was the total purchase price for Alpha Technologies Group, Inc.?
The purchase price was approximately $1.47 billion.
What type of company is Alpha Technologies Group, Inc.?
Alpha Technologies Group, Inc. is a company whose outstanding shares of common stock were acquired by EnerSys.
Which SEC filing form was used to report this acquisition?
This acquisition was reported on a Form 8-K.
Filing Stats: 794 words · 3 min read · ~3 pages · Grade level 11.2 · Accepted 2024-07-26 16:13:49
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value per share ENS New York Stock
- $208 m — Transaction is valued at approximately $208 million, subject to adjustments as set fo
Filing Documents
- ens-20240726.htm (8-K) — 33KB
- exhibit991-enersysannounce.htm (EX-99.1) — 14KB
- 0001289308-24-000023.txt ( ) — 173KB
- ens-20240726.xsd (EX-101.SCH) — 2KB
- ens-20240726_lab.xml (EX-101.LAB) — 21KB
- ens-20240726_pre.xml (EX-101.PRE) — 12KB
- ens-20240726_htm.xml (XML) — 3KB
01 Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets. On July 26, 2024, EnerSys Advanced Systems Inc., a Delaware corporation (the "Buyer") and a wholly-owned subsidiary of EnerSys, a Delaware corporation (the "Company"), completed the acquisition of Bren-Tronics Defense LLC, a Delaware limited liability company ("MergerSub"), from Bren-Tronics Holdings Inc., a Delaware corporation ("Seller"), which is owned by the Michael Brenna 2015 Irrevocable Trust Dated 08/17/15, the Trust U/A Third (E) of the Leo. A. Brenna Revocable Trust Dated 02/07/2014 GST Exempt Trust F/B/O Michael Brenna, and the Trust U/A Third (E) of the Leo. A. Brenna Revocable Trust Dated 02/07/2014 Non GST Exempt Trust F/B/O Michael Brenna (each, a "Trust" and collectively, "Trusts"), including real estate held by a related party (such stock and asset acquisitions being collectively, the "Transaction"). Under the terms of the Stock Purchase Agreement dated May 2, 2024, between the Buyer, the Trusts, Bren-Tronics, Inc., a New York corporation, and Barbara Dworkin as Seller's and the Trusts' representative (the "Agreement"), the Transaction is valued at approximately $208 million, subject to adjustments as set forth in the Agreement. The Transaction is fully funded with the Company's available cash on hand, with no need for external financing. The foregoing summary of the Agreement and the Transaction does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Agreement filed as Exhibit 2.1 of the Current Report on Form 8-K filed by the Company on May 2, 2024, and which is incorporated herein by reference.
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. On July 26, 2024, the Company issued a press release announcing the closing of the Transaction. A copy of the press release is attached hereto as Exhibit 99.1. The information under Item 7.01, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section. The information in this Item 7.01 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or the Exchange Act, except as otherwise expressly stated in such filing.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits 2.1 Stock Purchase Agreement, by and among EnerSys Advanced Systems Inc., the Trusts named therein and Barbara Dworkin, as Seller's and the Trusts' representative, dated May 2, 2024 (incorporated herein by reference to Exhibit 2.1 to EnerSys's Current Report on Form 8-K, filed May 2, 2024) and Joinder thereto by each of Seller and MergerSub 99.1 Press Release dated July 26 , 2024 EnerSys Announces Bren-Tronics Closing 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) Signature(s) Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EnerSys Date: July 26, 2024 By: /s/ Andrea J. Funk Andrea J. Funk Chief Financial Officer