VinFast Auto Pte. Ltd and Black Spade Acquisition Co (NYSE: BSAQ) announced on May 12 that they have entered into a business combination agreement. After the transaction, VinFast will have an equity value of over US$23 billion and be listed in the US.

The business combination values VinFast at an enterprise value of approximately US$27 billion and an equity value of $23 billion, not including cash from BSAQ’s approximately $169 million of cash in trust (assuming no Black Spade shareholders elect to have their Black Spade shares redeemed for cash as permitted).

The transaction is expected to close in the second half of 2023, subject to regulatory and shareholder approvals and other customary closing conditions. After the transaction, existing shareholders of VinFast will hold approximately 99 per cent of shares of the combined company.

Le Thu Thuy, Global CEO of VinFast Auto Pte. Ltd, said: “VinFast has already demonstrated the ability to reach international markets quickly. The partnership with Black Spade and listing of VinFast in the US represents the perfect capital raising avenue for our future global ambitions and is also an important accomplishment for Vingroup.” — VNS