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Affle to Acquire Perion for About $420 Million in All-Cash Deal

Affle's Israeli subsidiary signed a definitive agreement to buy the Nasdaq and Tel Aviv listed ad-tech company at $11.70 per share.

Jhanvi Shah Nov 2, 2026, 9:27 AM IST 4 min read

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Key Takeaways

Affle will buy Perion for $11.70 per share in an all-cash deal valuing Perion at about $420 million.
The offer is a 34.5% premium to Perion's October 30, 2026 closing price.
Affle plans to fund the deal with committed bank financing and available cash, with Citibank as financing bank.
Perion has a 40-day go-shop period running to December 11, 2026.
The deal is expected to close in early 2027, subject to regulatory and Perion shareholder approval.

Table of Contents 8 sections

Affle's Perion acquisition at a glance
What Perion brings to Affle's mobile advertising business
Key dates in the Affle and Perion deal
Anuj Khanna Sohum on welcoming Perion into Affle
Tal Jacobson on what the agreement means for Perion
What Affle says it expects after the Perion deal closes
Where the Affle and Perion deal stands on November 2
FAQs

Affle 3i Limited, the Indian ad-tech company, said on November 1, 2026 that it will acquire Israel-based advertising technology company Perion Network for an implied equity value of about $420 million. Perion shareholders will receive $11.70 per share in an all-cash deal.

Affle's Israel-based step-down subsidiary, Affle 3iL Ltd., signed a definitive agreement to buy all of Perion's outstanding shares, including unvested equity awards as per their vesting schedule. The boards of both companies approved the deal, which is expected to close in early 2027, subject to regulatory approvals and a vote by Perion shareholders.

Affle's Perion acquisition at a glance

Detail	Value
Buyer	Affle 3iL Ltd., an Israel-based step-down subsidiary of Affle 3i Limited (BSE: 542752, NSE: AFFLE)
Target	Perion Network Limited (Nasdaq: PERI, TASE: PERI)
Offer price	$11.70 per share, all cash
Implied equity value	About $420 million
Premium	34.5% over Perion's closing price on October 30, 2026
Structure	Reverse triangular merger, with Perion surviving as a wholly owned subsidiary of Affle
Funding	Committed bank financing and available cash resources, with Citibank as the financing bank
Perion's cash and debt	About $228 million in cash as of September 30, 2026, and no financial debt
Expected closing	Early 2027, subject to regulatory approvals and Perion shareholder approval
Go-shop period	40 days, running to December 11, 2026
Advisers to Affle	LUMA Partners LLC (financial) and Barnea Jaffa Lande & Co. (legal)

What Perion brings to Affle's mobile advertising business

Perion is an Israeli technology company with listings on Nasdaq and the Tel Aviv Stock Exchange. Affle's announcement says Perion's AI-powered platform offers advertising across retail media, connected TV (CTV), digital out-of-home (DOOH) and other digital channels.

Affle is a global technology company that delivers consumer conversions for advertisers through its cost per converted user (CPCU) business model. In its announcement, Affle said the deal brings together Perion's presence in upper-funnel digital advertising channels in developed markets and Affle's strength in deeper-funnel mobile marketing and performance-led consumer conversions in emerging markets.

Key dates in the Affle and Perion deal

When	What happened
October 30, 2026	Last trading day before signing; the $11.70 offer is a 34.5% premium to Perion's closing price that day
November 1, 2026	Affle announces the definitive agreement to acquire Perion
December 11, 2026	Go-shop period for Perion ends
Early 2027	Expected closing, subject to approvals

Anuj Khanna Sohum on welcoming Perion into Affle

"We are excited to welcome the Perion family on board as we continue to strengthen the foundations of our AI-powered Consumer Platform Tech Stack."
Anuj Khanna Sohum, Chairperson, MD and CEO, Affle

"This is an important step in strengthening our CPCU business across Developed Markets and advancing our 10X decadal growth vision."
Anuj Khanna Sohum, Chairperson, MD and CEO, Affle

Tal Jacobson on what the agreement means for Perion

"Our agreement with Affle marks an important milestone for Perion."
Tal Jacobson, CEO, Perion

What Affle says it expects after the Perion deal closes

Affle said it expects to be net debt free immediately after the acquisition, with a FY2028 revenue run rate of over $700 million. The company said it expects the deal to be accretive to earnings per share by the end of the first year after closing.

Affle also said that after the acquisition it expects to update Perion's revenue recognition in view of a planned CPCU transformation, including a review of business contracts. It said Perion will continue to operate under the Perion brand and that Perion's shares will be delisted from Nasdaq and the Tel Aviv Stock Exchange on closing.

Where the Affle and Perion deal stands on November 2

Affle has signed a definitive agreement to buy Perion at $11.70 per share, valuing the Israeli company's equity at about $420 million. Perion has until December 11, 2026 to consider other proposals under the go-shop period, and the deal is expected to close in early 2027. Affle said the combined business will serve thousands of advertisers across more than 100 countries.

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Frequently Asked Questions

What is Affle's Perion acquisition?

Affle 3i Limited, through its Israel-based step-down subsidiary Affle 3iL Ltd., signed a definitive agreement on November 1, 2026 to acquire Perion Network Limited in an all-cash deal.

How much is Affle paying for Perion?

Affle will pay $11.70 per share in cash, which values Perion's equity at about $420 million.

How big is the premium Affle is offering Perion shareholders?

The $11.70 offer is a 34.5% premium to Perion's closing price on October 30, 2026, the last trading day before the agreement was signed.

How will Affle pay for the Perion deal?

Affle said it plans to fund the acquisition through a combination of committed financing from banks and available cash resources, with Citibank as the financing bank.

When is the Affle and Perion deal expected to close?

Affle and Perion expect the deal to close in early 2027, subject to regulatory approvals and approval by Perion shareholders.

What does Perion do?

Perion is an Israeli advertising technology company that Affle's announcement says offers AI-powered advertising across retail media, connected TV, digital out-of-home and other digital channels.

Who is Perion's CEO?

Tal Jacobson is the CEO of Perion.

Who is advising Affle on the Perion acquisition?

LUMA Partners LLC is Affle's financial advisor and Barnea Jaffa Lande & Co. is its legal advisor, while Citibank is the financing bank.

What is the go-shop period in the Affle and Perion agreement?

The agreement lets Perion seek other acquisition proposals for 40 days, a window that runs to December 11, 2026.

How much cash and debt does Perion have?

Perion had about $228 million in cash as of September 30, 2026 and no financial debt, according to Affle.

What will happen to the Perion brand and listings after the deal?

Affle said Perion will continue to operate under the Perion brand, and its shares will be delisted from Nasdaq and the Tel Aviv Stock Exchange after closing.

What does Affle expect from the acquisition financially?

Affle said it expects to be net debt free right after the acquisition, with a FY2028 revenue run rate of over $700 million, and expects the deal to add to earnings per share by the end of the first year after closing.

Key Takeaways

Affle will buy Perion for $11.70 per share in an all-cash deal valuing Perion at about $420 million.
The offer is a 34.5% premium to Perion's October 30, 2026 closing price.
Affle plans to fund the deal with committed bank financing and available cash, with Citibank as financing bank.
Perion has a 40-day go-shop period running to December 11, 2026.