VinFast has announced a new SPAC business combination with the Black Spade Acquisition company.

The transaction will provide the OEM with an enterprise value of approximately $27 billion ($24.8 billion), an equity value over $23 billion ($21.1 billion) and a public listing in the U.S. VinFast expects the transaction to close in the second half of 2023, subject to regulatory and shareholder approvals and other customary closing conditions. Following it, the OEM’s existing shareholders will hold approximately 99% shares of the new combined company.

VinFast was founded in 2017 as a member of the Vingroup with the aim to accelerate the uptake of EVs around the world. Since then, it has manufactured and exported a full portfolio of electric SUVs, scooters, and buses, across Vietnam and North America. The company is also planning to enter Europe in the near future. To date, the OEM has delivered four EV models to its customer base in Vietnam: the VF e34, VF 8, VF 9, and VF 5. More recently, it began its overseas expansion by exporting the VF 8 to North America.

Listed on the New York Stock Exchange, Black Spade was founded by Black Spade Capital. It runs a global portfolio consisting of many cross-border investments and is looking to add new investment projects and opportunities to its portfolio.