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 JD.com, the fund also co-founded Indonesian e-commerce firm JD.id.
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)
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