Allergan will merge with HydraFacial in a deal valued at $1.1 billion

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A blank-check acquisition firm cofounded by the former chief executive officer of Allergan, Brent Saunders, will merge with beauty company HydraFacial in a deal valued at $1.1 billion including debt, the companies said on Wednesday.

HydraFacial’s merger with Saunder’s Vesper Healthcare Acquisition Corp will result in the Long Beach, California-based company listing on the Nasdaq.

The deal consists of $975 million payable upon completion and $75 million after certain acquisitions are completed by the combined company.

This adds to a wave of recent deals by so-called SPACs or special purpose acquisition companies, shell vehicles that raise money in an initial public offering to buy and then merge with another company, typically within two years.

Vesper went public in November, just a few months after AbbVie Inc closed its blockbuster $63 billion deal for Allergan, securing access to the anti-wrinkle injection Botox.

HydraFacial’s skin-cleansing products are available in over 87 countries. The company was acquired by private equity firms Linden and DWHP in 2016.