The provider of AI and augmented reality beauty technology solutions, Perfect Corp., announced on Friday that it has entered into a definitive merger agreement with an entity controlled by its founder to go private at a cash price of $2.00 per share.

Under the terms of the agreement, the acquiring entity will merge with Perfect Corp., and the company will become privately held. The $2.00 per share offer represents a premium of approximately 48.1% over the company's closing share price on March 17 and about 39.6% over the volume-weighted average closing price for the 30 trading days prior to the announcement of the privatization proposal.

The privatization transaction has received unanimous approval from the company's board of directors and a special committee of independent directors. The special committee negotiated the terms of the agreement with the assistance of its financial and legal advisors.

Concurrently, the founder and the entities under their control, along with CyberLink International Technology Corp., have entered into voting support agreements to vote in favor of the merger. These shares collectively represent approximately 53.4% of the total issued and outstanding shares of Perfect Corp. and about 81.2% of the voting power, making the prospect of obtaining shareholder approval for the deal more certain.

The transaction is expected to be completed in the fourth quarter of 2026, subject to approval by at least two-thirds of the shareholders present and voting at a general meeting, as well as the satisfaction of other customary closing conditions. Upon completion, the Class A ordinary shares of Perfect Corp. will be delisted from the New York Stock Exchange and deregistered with the U.S. Securities and Exchange Commission.

Founded in 2015 and headquartered in New Taipei City, Taiwan, China, Perfect Corp. is an AI and AR technology software-as-a-service company providing solutions for the global beauty, fashion, and skincare industries. The company's portfolio includes the YouCam suite of consumer applications and offers enterprise clients a one-stop, omnichannel shopping experience featuring AR virtual try-on and AI skin diagnostics.