Alibaba-backed beauty tech firm Perfect to go public in the US via $1b SPAC deal

Perfect Corp, the Taiwan-based developer of virtual beauty app YouCam Makeup. Source: Visuals from Perfect Corp's website

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-cheque 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).

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