Energy Fuels inks $1.9-billiond deal for rare earths magnet platform

Energy Fuels inks $1.9-billion deal for rare earths magnet platform

DENVER, June 24, 2026 – Energy Fuels has agreed to acquire 100% of Vacuumschmelze (VAC) and Ara VAC TopCo US from investment firm Ara Partners for approximately USD 1.9 billion in cash and shares, creating an integrated rare earths and magnet manufacturing platform spanning North America, Europe and Asia, Energy Fuels announced on Tuesday.

The transaction combines Energy Fuels’ rare earth mining and processing assets with VAC’s permanent magnet and advanced magnetic materials manufacturing business. VAC operates production facilities in North America, Europe and Asia and has produced more than 1 billion rare earth permanent magnets over the past decade.

Under the agreement, Energy Fuels will acquire 100% of VAC from Ara Partners for USD 718 million in cash and 65.853 million newly issued shares, implying an equity value of USD 1.9 billion. The transaction is expected to close in early 2027, subject to regulatory approvals and customary closing conditions.

“Together with VAC, we will strengthen global rare earth and magnet supply chains, providing a reliable, secure and diversified source of critical materials from mines to highly valued permanent magnets. In addition, VAC’s rapid solidification and crystalline businesses provide a soft-magnetics platform that is expected to result in greater scale, broader customer reach and enhanced ability to invest in innovation, manufacturing and growth,” said Energy Fuels president and CEO Ross Bhappu.

Energy Fuels said the acquisition is complementary to its planned takeover of Australian Strategic Materials, which would add rare earth metals and alloys production capacity in South Korea. The combined business aims to serve the automotive, aerospace, defence, robotics, data centres, electronics and industrial automation markets.

Energy Fuels is a US-based producer of uranium, rare earth elements and critical minerals. The company operates the White Mesa Mill in Utah and is expanding its rare earth processing capabilities to support Western supply chains. VAC, headquartered in Hanau, Germany, is a manufacturer of permanent magnets and advanced magnetic materials with more than 1,000 customers and operations across Europe, North America and Asia.

Photo courtesy of Apa Partners

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