Black Spade Acquisition $23 billion combination with VinFast
We are advising Black Spade on its de-SPAC transaction
Davis Polk is advising Black Spade Acquisition Co in connection with its business combination with VinFast Auto Pte. Ltd. The business combination values VinFast at an equity value of $23 billion, not including cash from Black Spade’s approximately $169 million of cash in trust. The transaction, which is expected to close in the second half of 2023, is subject to regulatory and shareholder approvals, and other customary closing conditions.
Black Spade, a special purpose acquisition company listed on the New York Stock Exchange, was founded by Black Spade Capital, which runs a global portfolio consisting of a wide spectrum of cross-border investments.
VinFast, a member of Vingroup, was founded in 2017 and envisioned to drive the movement of the global smart electric vehicle revolution. VinFast manufactures and exports a full portfolio of e-SUVs, e-scooters and e-buses across Vietnam, North America and, soon, Europe.
The Davis Polk corporate team includes partners James C. Lin and Miranda So, counsel Sam Kelso, counsel - registered foreign lawyer Jennifer Jiang and registered foreign lawyer Lucy Cai. The tax team includes partner Patrick E. Sigmon. The intellectual property team includes partner Frank J. Azzopardi. The executive compensation team includes partner Adam Kaminsky. Partner Paul D. Marquardt and counsel Yuan Zheng are providing regulatory advice. Members of the Davis Polk team are based in the Hong Kong, New York and Washington DC offices.