VinFast revs up for $23 billion SPAC merger and US stock market entry

VinFast revs up for $23 billion SPAC merger and US stock market entry

🔌 VinFast Auto Pte. Ltd. (VinFast), a manufacturer of electric vehicles (EVs) from the Vietnamese conglomerate Vingroup, and Black Spade Acquisition Co. (Black Spade) announced a momentous business merger agreement on May 12.

🚀 This groundbreaking merger catapults VinFast into the global spotlight, underscoring its commitment to pushing boundaries and delivering world-class mobility solutions.

💰 Upon completion of the transaction, VinFast’s valuation will soar to over $23 billion, solidifying its position as a frontrunner in the industry. The merged entity, with an estimated enterprise value of approximately $27 billion, will revolutionise the automotive landscape, heralding a new era of innovation and sustainability.

💱 The merger is subject to customary closing conditions, regulatory approvals, and the steadfast support of shareholders, with an anticipated completion timeline set within 2023. Remarkably, once the merger is finalised, existing VinFast shareholders will retain a 99 per cent ownership stake in the combined company, showcasing the unwavering confidence in VinFast’s vision and growth potential.

💡VinFast’s decision to pursue a US listing through a merger with a special purpose acquisition company (SPAC) aligns with a trend among Asian firms seeking access to American capital markets.

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