GURUGRAM – November 01, 2026 -- Affle 3i Limited has signed a definitive agreement to acquire all outstanding shares of Nasdaq- and TASE-listed Perion Network Limited for US$ 11.70 per share in cash, implying an equity value of about US$ 420 million. The buyer is Affle's Israel-based step-down subsidiary, Affle 3iL Ltd.
Perion enters the deal with no debt and about US$ 228 million in cash
Perion has no financial debt and held a cash balance of about US$ 228 million as of September 30, 2026. The offer covers 100% of issued and outstanding shares, including unvested equity awards under their vesting schedule.
Affle plans to fund the purchase with committed bank financing and available cash. Citibank is the financing bank, LUMA Partners LLC is financial advisor, and Barnea Jaffa Lande & Co. is legal advisor. Because Perion is publicly held, Affle will record transaction costs and related expenses in its opening balance sheet.
Reverse triangular merger will delist Perion from Nasdaq and Tel Aviv in early 2027
A wholly owned Affle subsidiary will merge into Perion, which survives as a wholly owned subsidiary and keeps the Perion brand. Perion's ordinary shares will be delisted from Nasdaq and the Tel Aviv Stock Exchange at closing.
Both boards have approved the transaction. Closing is expected in early 2027 and requires regulatory approvals and a Perion shareholder vote. The agreement gives Perion a go-shop period before it seeks that vote.
Affle targets EPS accretion within one year and a FY2028 run rate above US$ 700 million
Affle expects the deal to be accretive to earnings per share by the end of the first year after closing. It also expects to be net debt free immediately after the acquisition, with a FY2028 revenue run rate of more than US$ 700 million.
Affle plans to update Perion's revenue recognition in line with its cost per converted user (CPCU) model, including a review of business contracts. It expects this to improve Perion's bottom line significantly through immediate synergies. Affle cites over 20% annual organic growth and over 20% EBITDA in its own track record.
Tel Aviv-based Perion adds retail media, CTV and DOOH reach in developed markets
Perion, headquartered in Tel Aviv with a strong North American footprint, sells omnichannel advertising across Retail Media, Connected TV (CTV) and digital out-of-home (DOOH). It completed three acquisitions over the past three years and unified the segments under its Perion One platform. Its Outmax AI agent handles cross-channel optimization.
Affle says Perion's upper-funnel channels in developed markets combine with its own deeper-funnel mobile marketing in emerging markets. It expects this to expand the addressable market for its CPCU business and to enable "CTV to Cart" and "DOOH to Cart" retail commerce outcomes for Perion advertisers. After closing, Affle expects to serve thousands of advertisers in more than 100 countries.
Affle Chairperson, MD and CEO Anuj Khanna Sohum said the deal strengthens CPCU in developed markets and advances the company's 10X decadal growth vision. Perion CEO Tal Jacobson called the agreement an important milestone and pointed to the complementary mobile performance capabilities of Affle.