Energy Fuels to Buy VAC for $1.9B, Add 2,000 tpa Magnet Capacity

1. Definitive Acquisition Agreement

Energy Fuels has signed a binding agreement to acquire 100% of VAC for $1.9 billion in combined cash and stock consideration based on a $16.12 share price, with VAC becoming a wholly owned subsidiary post-closing. The transaction values VAC’s advanced magnetics business and integrates it into Energy Fuels’ corporate structure while preserving VAC’s branding and German headquarters.

2. Integrated Rare Earth Platform

The acquisition merges Energy Fuels’ upstream rare earth mining, processing and refining assets with VAC’s downstream permanent magnet and soft magnetics expertise, including the Sumter, South Carolina facility producing 2,000 tpa of permanent magnets scalable to 12,000 tpa. This vertical integration is designed to secure a full mine-to-magnet supply chain for sectors like automotive, defense, robotics and data centers.

3. Financial and Funding Structure

Energy Fuels has secured a conditional $725 million 20-year loan commitment from the U.S. Office of Strategic Capital to fund mill expansions and the planned American Metals Plant, and is pursuing a A$220 million lending package with Export Finance Australia for the Donald Project. VAC also holds a $41 million U.S. defense grant for a metal-making facility that will bolster combined operations.

4. Growth and Market Impact

The combined company expects to leverage VAC’s established customer base—over 1,000 clients and more than $2 billion in annual pipeline revenue—to immediately enhance cash flow and margins. By uniting upstream and downstream capabilities, the platform aims to meet rapidly growing rare earth magnet demand across North America, Europe and Asia while driving accretive shareholder value.

1. Definitive Acquisition Agreement

2. Integrated Rare Earth Platform

3. Financial and Funding Structure

4. Growth and Market Impact

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Sources

Energy Fuels Announces Definitive Agreement to Acquire VAC for $1.9 Billion Equity Value

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