Beauty tech firm Perfect to go public in U.S. via $1 billion SPAC deal
Reuters
Perfect Corp, an Asian startup that provides software to beauty and fashion companies, has agreed to go public in the United States by merging with a blank-check firm in a deal that values it at $1.02 billion.
The merger with Provident Acquisition Corp announced on Thursday will hand proceeds of $335 million to Perfect, including $50 million from a private investment in public equity (PIPE).
The PIPE round included existing investor Snap Inc as well as French luxury group ChanelShiseido
New Taipei City-based Perfect helps companies like Estee Lauder
The company, whose shareholders also include Goldman SachsAlibaba
The deal comes at a time when investor appetite for new listings has waned due to market volatility, prompting several companies to scrap their proposed SPAC mergers.
The fallout from Russia’s invasion of Ukraine has also added to investor worries about expected monetary policy tightening.
Perfect’s merger is expected to close in the third quarter of this year. It is also supported by a $55 million investment that includes Ward Ferry Management and an affiliate of Southeast Asian technology-focused fund Provident Group.
The Provident SPAC raised $230 million in its initial public offering in January last year. SPACS use proceeds from an IPO to merge with a private company, thereby taking it public.
