Energy Fuels Inc. has announced a definitive agreement to acquire Vacuumschmelze GmbH & Co. KG (VAC) and its consolidated subsidiaries from Ara Partners for approximately $1.9 billion. This calculation is based on a mix of $718 million in cash and 65.853 million newly issued Energy Fuels common shares, with Energy Fuels' closing share price of $16.12 as of June 22, 2026. The deal also involves Energy Fuels assuming $140 million of VAC's adjusted net debt from March 31, 2026. If Energy Fuels' share price falls below $20.93 per share at closing, Ara Partners will receive up to $135 million in preferred shares.
This acquisition is intended to integrate Energy Fuels' rare earth mining and processing capabilities with VAC's magnet manufacturing expertise, creating a comprehensive platform to bolster global critical rare earth element supply chains. VAC operates magnet production facilities across North America, Europe, and Asia, including a facility in Sumter, South Carolina, capable of producing 2,000 tonnes of permanent magnets annually. The company boasts over 1,000 customers and more than 400 patents. VAC reported an adjusted EBITDA of $29 million in 2025.
The transaction is expected to close in early 2027, provided it receives regulatory approvals and satisfies customary closing conditions. This move follows Energy Fuels' planned mid-2026 acquisition of Australian Strategic Materials Limited (ASM), which, along with the VAC deal, would grant Ara Partners a 19.9% ownership in Energy Fuels and the right to nominate one director to the company's Board. Furthermore, Energy Fuels has secured a conditional commitment for up to $725 million from the U.S. Office of Strategic Capital (OSC) for a 20-year loan to support the expansion of its White Mesa Mill in Utah and the construction of an American Metals Plant. VAC also holds an existing $41 million grant from the U.S. Department of War for building a metal-making facility in the U.S.
