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


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, the fund also co-founded Indonesian e-commerce company

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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