DLA Piper advises Special Committee of NYSE-listed Perfect Corp. on proposed privatization

Global law firm DLA Piper has advised the Special Committee of the Board of Directors of Perfect Corp. (NYSE: PERF) in connection with the company’s proposed privatization.

Perfect Corp. (Perfect) is a leading artificial intelligence and augmented reality company providing AI- and AR-powered solutions to the beauty, fashion, photo and video industries.

On 10 July 2026, Perfect announced that it had entered into a definitive merger agreement with ProjectNY, an exempted company with limited liability incorporated under the laws of the Cayman Islands controlled by Ms. Alice H. Chang, Chairwoman of the Board and Chief Executive Officer of Perfect, in connection with the company’s proposed privatization. The transaction implies a total equity value of approximately USD204 million. The transaction is expected to be funded through available cash of Perfect and its subsidiaries. The transaction is anticipated to close in the fourth quarter of 2026, subject to customary closing conditions, including approval by shareholders representing at least two-thirds of the voting power present and voting at an extraordinary general meeting. Upon completion, Perfect will become a privately held company and its ordinary shares will cease trading on the New York Stock Exchange.

The DLA Piper team was led by Corporate partner James Chang, supported by Shuting Lu (Of Counsel), and Hao Guo (Consultant), all based in Beijing, with Sophia Sun and Jenny Wang (associates) from Shanghai Kaiman Law Firm. The team advised the Special Committee throughout the transaction process on US public company governance, securities law and transaction matters through to the signing of the merger agreement.

James Chang commented: “Transactions such as this highlight the important role of independent directors and special committees in overseeing complex US public company privatizations. Advising on these matters requires a detailed understanding of both securities law and corporate governance considerations. We worked closely with the Special Committee throughout the process, supporting its evaluation of the proposed transaction and the discharge of its responsibilities.”