International Media Acquisition to merge with VCI Biofuels Group in a $1bn deal.

International Media Acquisition, a US-based SPAC, agreed to merge with VCI Biofuels Group, a Vietnam-based manufacturer of fuel ethanol and renewable fuels, in a $1bn deal. "With the merger we intend to grow our production capacity and continue to not only be a leader in Vietnam's biofuel and ethanol industry, but Asia's. Upon completion and with adequate funding, we plan to immediately implement one of our post-merger strategies by tapping into the profitable and currently underserved market for sustainable aviation fuel, which is expected to reach $325bn by 2030," Navin Sidhu, CEO VCI Biofuels Group.