Beauty tech company Perfect to go public in US via $1 billion SPAC deal

0

Adds deal details, 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 company at $1.02 billion.

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

SPAC, backed by Southeast Asia technology fund Provident Group, raised $230 million when it went public 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 company 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)

(([email protected];))

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

Share.

Comments are closed.