Beauty tech firm Perfect Corp. agreed to a deal to go public through a combination with SPAC Provident Acquisition Corp. (NASDAQ:PAQC) that will value the Asian startup at $1.02B. PAQC gained 1.6% in premarket trading.
The deal is expected to provide Perfect with $335M in gross proceeds, including $50M million from a PIPE transaction, according to a statement. The PIPE transaction is anchored by several investors including CHANEL, CyberLink, Shiseido and Snap (NYSE:SNAP). The deal also includes $55M from forward purchase agreements.
Taipei-based Perfect helps beauty and fashion companies with their digital offerings by using augmented reality and artificial intelligence for try-ons and facial modeling.
The deal is expected to close in Q3 and Perfect is expected to be listed on the Nasdaq under the ticker symbol "PERF." Perfect is also backed by investors including Goldman Sachs Asset Management and Alibaba (NYSE:BABA).
Goldman Sachs (Asia) is serving as the financial advisor to Perfect. Citigroup Global Markets Asia Limited and Barclays Capital are serving as co-placement agents and co-capital market advisors on the PIPE offering. Barclays is also serving as M&A financial advisor to Provident.