Vietnam Biofuels to Merge and List on NASDAQ with IMAQ Deal
Deal News | Apr 09, 2025 | EIN

Vietnam Biofuels Development Joint Stock Company and its affiliates, collectively known as VCI Biofuels Group, have signed a definitive merger agreement with International Media Acquisition Corp. (IMAQ) to publicly list on NASDAQ. The transaction, valued at $1 billion, will lead to the formation of a combined entity to be named VI Energy. The merger aims to provide VCI Biofuels access to capital markets and support its growth strategies in both domestic and international biofuel markets. VCI Biofuels, established in 2014, is a Vietnamese industry leader in producing bio-ethanol, with a strong focus on environmental management and recycling processes. The merger is expected to allow the group to capitalize on Vietnam's ethanol blending mandates and forthcoming market opportunities in sustainable aviation fuel. IMAQ, a blank check company, views VCI Biofuels as a well-placed entity in the renewable energy sector with significant growth potential. Legal advisors involved include Loeb & Loeb LLP, Ogier, and DaHui Lawyers. The merger remains subject to regulatory approval and shareholder votes but proposes a significant opportunity for both parties to diversify and strengthen their market hold, particularly with ambitions to expand into the sustainable aviation fuel market valued at $325 billion by 2030.
Sectors
- Biofuels
- Renewable Energy
- Mergers & Acquisitions
Geography
- Vietnam – VCI Biofuels Group is based in Vietnam, and the article highlights its operations and potential growth within the country.
- United States – The merger involves International Media Acquisition Corp., a U.S.-based company, and the combined entity aims to list on NASDAQ, a U.S. stock exchange.
Industry
- Biofuels – The article mentions the VCI Biofuels Group, a company specializing in ethanol production, which is an integral component of the biofuels industry.
- Renewable Energy – VCI Biofuels is involved in the growing renewable energy sector, specifically focusing on bio-ethanol and sustainable aviation fuel.
- Mergers & Acquisitions – The article discusses a merger agreement between Vietnam Biofuels and International Media Acquisition Corp., positioning it within the M&A sector.
Financials
- $1 billion – The implied enterprise value of VCI Biofuels Group in the merger agreement with IMAQ.
- $325 billion – The expected market size of the sustainable aviation fuel sector by 2030, which the company plans to enter.
Participants
Name | Role | Type | Description |
---|---|---|---|
Vietnam Biofuels Development Joint Stock Company | Target Company | Company | A manufacturer of bio-ethanol in Vietnam, involved in a merger agreement with IMAQ. |
International Media Acquisition Corp. | Bidding Company | Company | A blank check company initiating a merger with VCI Biofuels to enable public listing on NASDAQ. |
VCI Holdings Limited | Part of the Target Company | Company | Part of the VCI Biofuels Group involved in the merger. |
Loeb & Loeb LLP | Legal Advisor | Company | Provides legal advice to International Media Acquisition Corp. for the merger. |
Ogier | Legal Advisor | Company | Assisting IMAQ as a legal advisor in the merger. |
DaHui Lawyers | Legal Advisor | Company | Supports IMAQ legally in executing the merger. |
Navin Sidhu | CEO of VCI Biofuels Group | Person | Leads VCI Biofuels Group and comments on growth strategies post-merger. |
Yu-Fang Chiu | CEO and CFO of IMAQ | Person | Oversees IMAQ's operations and development of the merger with VCI Biofuels. |