Energy Fuels Inc. said it has signed a definitive agreement to acquire German magnet maker Vacuumschmelze, or VAC, from Ara Partners for about $1.9 billion in equity value, based on Energy Fuels’ June 22 share price of $16.12.
The consideration includes $718 million in cash and 65.853 million newly issued common shares, plus a new preferred share series that could add up to $135 million of value if Energy Fuels’ share price is below $20.93 at closing. Energy Fuels also said it will assume about $140 million of VAC adjusted net debt as of March 31, 2026. The company is targeting closing in early 2027, subject to foreign-investment and antitrust approvals.
Energy Fuels said Goldman Sachs provided a fairness opinion and disclosed a $250 million term-loan commitment to refinance certain VAC debt. VAC makes rare-earth permanent magnets and soft magnetic products, including NdFeB and SmCo magnets, and Energy Fuels said VAC has shipped more than 1 billion rare-earth permanent magnets over the past decade.
The company also said VAC operates a permanent-magnet facility in Sumter, South Carolina, with stated capacity of 2,000 tonnes per year and design plans to scale to 12,000 tonnes per year. Energy Fuels said the acquisition would add magnet manufacturing to its existing rare-earth activities, including monazite supply from the Donald Project in Australia and separation at its White Mesa mill in Utah. Separately, Energy Fuels recently disclosed a $725 million conditional loan commitment from the U.S. Defense Department’s Office of Strategic Capital to support expansion of domestic rare-earth processing.