Beauty tech firm Perfect to go public in U.S. via $1 bln SPAC deal

Credit: REUTERS/Dado Ruvic

Adds details on deal, SPAC IPO

March 3 (Reuters) - Perfect Corp has agreed to go public in the United States by merging with a special purpose acquisition company in a deal that values the Asian beauty software firm at $1.02 billion.

The deal with Provident Acquisition Corp PAQC.O announced on Thursday will include a private investment in public equity (PIPE) of $50 million and a forward purchase agreement of $55 million. Perfect will get proceeds of $335 million from the merger.

The SPAC, backed by Southeast Asian technology-focused fund Provident Group, raised $230 million in its initial public offering in January last year.

The Provident Group fund has also invested in Indonesian digital payment platform GoPay and online travel agency Traveloka. Through a joint venture with China's, the fund also co-founded Indonesian e-commerce firm

SPACs use proceeds from an initial public offering to merge with a private company and take it public.

(Reporting by Niket Nishant in Bengaluru; Editing by Aditya Soni)


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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