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

Perfect

03/03/2022 11:53

(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)
 ((Niket.Nishant@thomsonreuters.com;))