The combined company will have an enterprise value of approximately $27 billion. The equity value will be $23 billion after the merger, not including the amount to be converted from the $169 million cash in trust.
The transaction is expected to close in 2023, subject to regulatory and shareholder approvals and other customary closing conditions. Following the transaction, existing VinFast shareholders will own 99% of the combined company.
“VinFast has demonstrated its ability to quickly penetrate international markets,” said Ms. Le Thi Thu Thuy, General Director of VinFast Auto Pte. Ltd. “The partnership with Black Spade and the listing of VinFast on the US stock exchange will be an important development milestone for Vingroup, opening up ideal capital mobilization opportunities for our global development.”
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 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 green living trend with electric vehicles and we highly appreciate the future development potential of VinFast in Vietnam and globally.”
VinFast was founded in 2017, a member of Vingroup Corporation with the vision of becoming a smart electric vehicle brand driving the global electric vehicle revolution. VinFast manufactures and exports electric SUVs, electric motorbikes and buses across Vietnam, North America and Europe. VinFast factory in Hai Phong has a level of automation of up to 90%, with a phase 1 capacity of 300,000 cars/year.
With the mission of “For a green future for everyone”, VinFast pioneered the transition 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 batch of VF 8 cars to North America and become a global electric car manufacturer.
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.
VinFast said that additional information about the proposed merger, including a copy of the merger agreement, will be provided in the Current Report on Form 8-K filed by BSAQ with the U.S. Securities and Exchange Commission ("SEC") on May 12, 2023 at www.sec.gov and will be released on VinFast's investor relations page at www.vinfastauto.com.
Details of the proposed merger will also be described in BSAQ's proxy statement and VinFast's prospectus relating to the business combination filed with the SEC.
NGOC LINH
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