Energy Fuels agrees $1.9bn purchase of Vacuumschmelze from Ara Partners

Energy Fuels agreed in June 2026 to acquire Vacuumschmelze, known as VAC, from private equity firm Ara Partners. The cash-and-stock consideration implied an equity value of roughly $1.9 billion based on Energy Fuels' share price on 22 June, and remains subject to adjustments.

Energy Fuels said the deal supports its plan to build an integrated rare-earth supply chain spanning mining, processing, metals and permanent magnet manufacturing. VAC's South Carolina plant, run by subsidiary e-VAC Magnetics, has capacity of about 2,000 metric tonnes a year with room to expand to 12,000 tonnes.

The transaction has been complicated by a dispute with a customer identified by Reuters as General Motors, which purported to terminate a magnet supply agreement on 1 July. On 13 October the parties amended the acquisition agreement to add settlement, debt repayment and purchase price adjustment provisions while arbitration proceeds.