Rajah & Tann Singapore, member firm of Rajah & Tann Asia, advised VinFast Auto Ltd. in respect of its business combination with Black Spade Acquisition Co. (NYSE: BSAQ), a special purpose acquisition company (SPAC) which valued VinFast Auto Ltd. at approximately US$23.0 billion, and the listing of VinFast Auto Ltd. on The Nasdaq Stock Exchange following completion of the business combination. The transaction is the biggest Vietnamese M&A transaction since records began in 1980, and the largest M&A in Asia in 2023 so far.
The listing of VinFast is the first listing of a Singapore incorporated company on NASDAQ by way of a de-spac transaction and there were corresponding legal technical complexities, given that there were few Singapore incorporated companies that are listed on NYSE or NASDAQ.
The transaction is the biggest Vietnamese M&A transaction since records began in 1980, according to Refinitiv.
This transaction was shortlisted as Securities Deal of the Year: Equity (VinFast’s NASDAQ listing) at the ALM Asia Legal Awards 2024, and Equity Market Deal of the Year (VinFast’s De-SPAC Business Combination with BSAQ) at the ALB SE Asia Law Awards 2024.
The deal was also shortlisted as M&A Deal of the Year (Black Spade Acquisition’s $23 billion combination with VinFast) at the ALM Asia Legal Awards 2024, Deal of the Year: M&A at the IFLR Asia Pacific Awards 2024, and M&A Deal of the Year (VinFast Black Spade Acquisition Co NASDAQ Business Combination Deal) at the ALB SE Asia Law Awards 2024.
Evelyn Wee (Deputy Head, Corporate and Transactional Practice; Head, Capital Markets) led the transaction, assisted by Hoon Chi Tern (Deputy Head, Capital Markets). Vikna Rajah (Head, Tax and Trust & Private Client) led the tax aspects of the transaction and Desmond Wee (Head, Employment & Benefits) advised on the employment related matters.
