VinFast Auto Pte. Ltd. and Black Spade Acquisition announced today that they have entered into a business combination agreement at an equity value of over $23 billion.
The business combination values VinFast at an enterprise value of approximately $27 billion.
VinFast is a Vietnamese automotive manufacturer, building and exporting a portfolio of electric SUVs, e-scooters and e-buses across Vietnam, the United States, and, soon, Europe, according to a press release.
The SPAC has approximately $169 million of cash in trust, which will go to VinFast, less any redemptions.
The transaction is expected to close in the second half of 2023. Existing shareholders of VinFast would then hold approximately 99% of the combined company.
Following a July 2021 IPO, Black Spade was initially targeting the entertainment industry, with a focus on enabling technology, lifestyle brands, products, or services and entertainment media, primarily in asia. Read more.
Source: Black Spade Acquisition Merging with EV Maker VinFast in B Deal