Affle Agrees to Acquire Perion in $420 Million All-Cash Transaction

Affle 3i Limited (AFFLE.BO ) announced on November 1, 2026 that its Israel-based step-down subsidiary, Affle 3iL Ltd., has signed a definitive agreement to acquire Perion Network Ltd. (PERI ) for US$11.70 per share in an all-cash transaction valuing the advertising technology company at an implied equity value of approximately US$420 million.

Under the agreement, Affle will acquire 100% of Perion’s issued and outstanding shares, including unvested equity awards as per their vesting schedule. Perion stated in its announcement that the per-share price represents a 34.5% premium to its closing share price on October 30, 2026, the last trading day prior to the execution of the definitive agreement. The transaction has been approved by the boards of directors of both companies, and Perion’s board approved the merger agreement unanimously.

Transaction Structure and Conditions

The transaction will be effected through a reverse triangular merger, under which a wholly owned Affle subsidiary will merge with and into Perion, with Perion surviving as a wholly owned subsidiary. Upon closing, Perion’s ordinary shares will be delisted from the Nasdaq Stock Market and the Tel Aviv Stock Exchange, and Perion will continue to operate under the Perion brand.

Affle disclosed the transaction to BSE and the National Stock Exchange of India under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In that exchange filing, the company stated that the transaction is not a related-party transaction and that its promoter and promoter group have no interest in Perion. The filing gives an indicative completion period of 180 days, subject to the go-shop process and shareholder approval.

The merger agreement includes a 40-day go-shop period expiring at 11:59 PM local time in Israel on December 11, 2026, during which Perion and its financial advisor may actively solicit and consider alternative acquisition proposals. Perion said there can be no assurance the process will result in a superior proposal and that it does not intend to disclose developments regarding the go-shop unless it determines disclosure is appropriate or otherwise required.

Completion of the transaction is expected in early 2027 and is subject to approval by Perion’s shareholders, expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and other closing conditions. Debt financing in support of the transaction is being provided by Citibank, N.A., and the transaction is not subject to a financing condition. Affle plans to fund the acquisition through a combination of committed bank financing and available cash resources. Because Perion is publicly held, transaction costs and related expenses will be recorded by Affle in its opening balance sheet. Affle’s filing notes that the approximately US$420 million consideration includes continuing equity awards granted as of the agreement date and excludes transaction costs incurred by both parties.

Perion’s Business and Financial History

Perion is an Israeli technology company headquartered in Tel Aviv, dual-listed on Nasdaq and the Tel Aviv Stock Exchange, with operations majorly in the USA, Canada, Israel and Europe, according to Affle’s filing. The company delivers real-time media execution across connected TV, digital out-of-home, commerce and retail media, social and digital environments, powered by its Outmax AI agent. Over the last three years, Perion completed three strategic acquisitions and unified its segments under its Perion One platform. Affle’s filing cites a workforce expansion of approximately 600 employees in developed markets as part of the acquisition rationale.

Affle’s SEBI-mandated disclosure reports the following revenue and profit after tax for Perion over the past three calendar years:

Perion has no financial debt and held cash, cash equivalents, short-term bank deposits and marketable securities of US$228.3 million as of September 30, 2026. During the third quarter, the company used US$26.0 million under its share repurchase program and US$10.9 million for the acquisition of PRN.

Affle said the acquisition is strategic for scaling its cost-per-converted-user business across developed markets, combining Perion’s presence in upper-funnel digital advertising channels in developed markets with Affle’s deeper-funnel mobile marketing and AI-powered consumer conversions in emerging markets, including CTV-to-Cart and DOOH-to-Cart retail commerce outcomes. The company said that on completion it will be a global omnichannel platform serving thousands of advertisers across diversified industry verticals in more than 100 countries. Affle also stated it would be net-debt-free immediately after the acquisition, with an FY2028 revenue run rate of over US$700 million, and that it expects the transaction to be accretive to earnings per share by the end of the first year following closing, alongside a planned update to Perion’s revenue recognition. The company cited a track record of over 20% annual organic growth and over 20% EBITDA from prior acquisitions.

“Through this acquisition, we are bringing together our highly complementing tech capabilities, innovation culture and unique IP to global scale,” said Anuj Khanna Sohum, Chairperson, Managing Director and Chief Executive Officer of Affle. Tal Jacobson, CEO of Perion, said, “Our agreement with Affle marks an important milestone for Perion.” Perion Chairman Eyal Kaplan said the board believes the proposed transaction offers compelling value and greater financial certainty for the company’s shareholders.

Canaccord Genuity (CF.TO ) is acting as exclusive financial advisor and Meitar Law Offices as legal counsel to Perion. LUMA Partners is acting as financial advisor and Barnea Jaffa Lande & Co. as legal counsel to Affle.