Davis Polk & Wardwell has advised special purpose acquisition company (SPAC) Black Spade Acquisition on its merger with Vietnamese electric automaker VinFast, which was represented by Latham & Watkins.
VinFast will list on the New York Stock Exchange through the merger. The new entity will have an enterprise value of approximately $27 billion and an equity value of $23 billion, reported Reuters, with the transaction expected to close in the second half of 2023.
Reuters added that VinFast, which was founded in 2017, claims to have almost 55,000 orders globally and can churn out 300,000 EVs per year. Black Spade Acquisition is a Hong Kong-based SPAC that listed on the NYSE in July 2021.
The Davis Polk team was led by partner James C. Lin, with support from partners Patrick E. Sigmon, Frank J. Azzopardi, Adam Kaminsky and Paul D. Marquardt.