Affle agrees to buy Perion for about $420m in an all-cash deal

Affle agrees to buy Perion for about $420m in an all-cash deal

1 November 2026: Affle 3i, the Gurugram-based mobile advertising group listed in Mumbai, has signed a definitive agreement to buy Perion Network for US$11.70 a share in cash, which it says values the Tel Aviv ad-tech company's equity at about US$420 million. Perion will be taken off Nasdaq and the Tel Aviv Stock Exchange once the deal closes, expected in early 2027.

Not yet independently verified. Affle's release is published on a wire service; we found no copy on Affle's or Perion's own sites, which did not answer our fetches. The deal still needs regulators and Perion's shareholders, and a go-shop period lets Perion look for a better offer first. We will update this when it can be confirmed, and remove this note.

How the deal is built

The buyer is Affle 3iL Ltd, Affle's Israel-based subsidiary. The purchase is a reverse triangular merger: an Affle subsidiary merges into Perion, and Perion survives as a wholly owned subsidiary that keeps its own brand. Unvested equity awards are bought on their vesting schedule.

Affle says Perion has no financial debt and held about US$228 million in cash on 30 September, so a large part of the price is covered by the cash it acquires. The rest comes from committed bank financing, with Citibank as the financing bank, and Affle's own cash. LUMA Partners advises Affle, with Barnea Jaffa Lande as legal counsel.

Both boards have approved. The deal still needs regulatory approvals and a vote of Perion's shareholders, and the agreement gives Perion a go-shop period, a window to seek a higher offer, before that vote.

Why Affle wants Perion

The two companies sit at opposite ends of the advertising funnel. Affle sells on a cost-per-converted-user model, mostly in mobile apps and mostly in emerging markets. Perion, after three acquisitions in three years, sells upper-funnel campaigns across retail media, connected TV and digital out-of-home screens through its Perion One platform and an AI agent called Outmax, with most of its business in North America.

"This is an important step in strengthening our CPCU business across Developed Markets," said Anuj Khanna Sohum, Affle's chairperson, managing director and chief executive. Affle talks of "CTV to Cart" and "DOOH to Cart" campaigns that tie a screen impression to a retail sale.

What changes for Perion's customers

Affle says it expects to change how Perion recognises revenue as it moves the business toward Affle's conversion-based model, including a review of business contracts. Advertisers and agencies buying through Perion One should expect contract terms and pricing models to be revisited after closing, even though the brand stays. Perion's chief executive, Tal Jacobson, said the focus in the meantime remains on "supporting our people, and delivering for the customers and partners who rely on us."

Affle forecasts a combined revenue run rate of more than US$700 million in its 2028 financial year and says the deal should add to earnings per share by the end of the first year after closing. Our advertising company category lists 6,091 firms.

Company profile on TrustList: Perion

Company profile on TrustList: Affle Enterprise

Sources

• Affle (via PR Newswire): Affle to acquire Perion, to scale its CPCU business across Developed markets, 1 November 2026