The combined company will have an enterprise value of approximately $27 billion. The equity value is $23 billion after the merger, excluding the amount to be converted from the $169 million cash in trust. The transaction is expected to close in 2023 after receiving regulatory and shareholder approvals, as well as other customary closing conditions. After the transaction, VinFast's existing shareholders will own 99% of the merged company. VinFast Auto Pte. Ltd. General Director Le Thi Thu Thuy said VinFast has demonstrated its ability to quickly penetrate international markets. The cooperation with Black Spade and VinFast's listing on the US stock exchange will be an important development milestone for Vingroup . Mr. Dennis Tam, Chairman and CEO of Black Spade Acquisition Co, shared: "VinFast has demonstrated excellent execution and operational capabilities by building a manufacturing facility with a capacity of up to 300,000 electric vehicles per year and launching a range of high-quality, classy-designed electric vehicles in just 3 years. With the support of Vingroup , one of the largest corporations in Vietnam, VinFast is well-positioned to capture the trend of green living with electric vehicles."
The Board of Directors of Vingroup, VinFast and Black Spade at the signing ceremony
Founded in 2017, VinFast manufactures and exports electric SUVs, electric motorbikes and buses across Vietnam, North America and Europe. The VinFast factory in Hai Phong has a level of automation of up to 90%, with a phase 1 capacity of 300,000 vehicles/year. With the mission of "For a green future for everyone", VinFast is a pioneer in switching to a pure electric brand from 2022. To date, VinFast has delivered electric car models VF e34, VF 8,
VF 9 and VF 5 to Vietnamese customers. The company has also exported the first batches of VF 8 to North America.
Black Spade is listed on the NYSE, USA. The company was founded by Black Spade Capital which currently operates a portfolio consisting of many cross-border investments.
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