A&O Shearman and Baker McKenzie have steered on US chipmaker Qualcomm’s acquisition of MovianAI Artificial Intelligence Application and Research JSC (MovianAI) for an undisclosed amount.
MovianAI is a generative AI division of Vietnamese conglomerate Vingroup-run unit VinAI Application and Research JSC (VinAI).
Tina LeDinh, managing partner of A&O Shearman’s Vietnam offices, was the lead partner advising VinAI and its shareholders on the sale of its research and generative AI business to Qualcomm.
LeDinh told Asia Business Law Journal that this deal was a good example of Vietnam’s increasingly efficient and streamlined regulatory processes, which the country had been working towards to foster a friendlier environment for foreign investors.
“This acquisition boosts Vietnam’s standing on the global startup landscape and solidifies its position as an emerging global technology hub,” said LeDinh.
VinAI has spun off its generative AI business to a new entity, MovianAI, and has sold that entity to Qualcomm.
A&O Shearman San Francisco partner Jesse Debban led on US M&A matters, while Silicon Valley partner Daren Orzechowski and Singapore partner Saranpaal Calais handled IP and tech matters.
LeDinh led the cross-jurisdictional deal team, which included senior associates Tam Tran and Thao Tran, assisting VinAI on obtaining regulatory approvals to demerge its generative AI business into the new entity.
“We advised VinAI on the approvals that would be required, but VinAI handled most regulatory processes themselves,” said LeDinh.
LeDinh added that Qualcomm also had to obtain the typical approvals for a foreign investor to acquire shares in a Vietnamese entity, with the parties having also obtained merger clearance.
Baker McKenzie told Asia Business Law Journal that the firm acted as Qualcomm’s local Vietnamese legal adviser in relation to its acquisition of MovianAI. The Baker team was led by Ho Chi Minh City-based M&A partner Lan Phuong Nguyen with support from core team members including special counsel Thanh Hoa Dao on tax matters and special counsel Tri Trung Pham on employment matters.
