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Latham Advises VinFast on Its deSPAC

May 15, 2023
VinFast publicly list through a business combination with Black Spade Acquisition Co.

Latham & Watkins has advised VinFast Auto Pte. Ltd. (VinFast) on its proposed public listing through a business combination with Black Spade Acquisition Co. (NYSE: BSAQ) (Black Spade).

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

The Latham team was led by Singapore partners Sharon Lau and Stacey Wong, and Tokyo partner Noah Carr, with associates Elisabeth Ong, Sirada Chayabunjonglerd, Jeffy Katio, and Bijun Huang. Advice on public company matters was provided by Washington, D.C. partner Julia Thompson and associates Michael Foland and Wei Cai; on tax matters by New York partner Jiyeon Lee-Lim and associate Aaron Bernstein; on executive compensation and employee benefits matters by Washington, D.C. partner David Della Rocca and associates Marysia Mullen and Bryce Williamson; on ESG matters by London partner Paul Davies, New York partner Betty Huber, Austin partner Sarah Fortt, and London associate James Bee; and on investment company status matters by Chicago partner Laura Ferrell and associate Daniel Filstrup.

VinFast, a member of Vingroup, was founded in 2017 and manufacturers and exports a full portfolio of e-SUVs, e-scooters, and e-buses across Vietnam, North America, and, soon, Europe. The company converted into a fully EV manufacturer in 2022, and has delivered four EV models: VF e34, VF 8, VF 9, and VF 5 to customers in Vietnam to date. VinFast recently crossed an important milestone on the journey to becoming a recognized global EV brand with its first VF 8 EVs exported to North America earlier this year.