Indian advertising technology company Affle 3i has signed a definitive agreement to acquire Israel-based Perion Network in an all-cash transaction valued at approximately $420 million, as it looks to expand its cost-per-converted-user (CPCU) business across developed markets.
Under the agreement announced on November 1, 2026, Affle 3iL Ltd., an Israel-based step-down subsidiary of Affle, will acquire all outstanding shares of Perion, including unvested equity awards as per their vesting schedule, for $11.70 per share. The offer represents a 34.5% premium over Perion’s closing share price on October 30, 2026.
The transaction has been approved by the boards of directors of both companies and remains subject to regulatory approvals, Perion shareholder approval and other closing conditions. It is expected to be completed in early 2027.
Perion is an Israeli technology company headquartered in Tel Aviv, with a strong presence in North America. It provides AI-powered omnichannel advertising solutions across retail media, connected TV (CTV), digital out-of-home (DOOH) advertising and other digital channels. Its advertising technology offerings are integrated under the Perion One platform.
The acquisition will bring together Perion’s presence in upper-funnel digital advertising channels in developed markets with Affle’s capabilities in mobile marketing and performance-led consumer conversions in emerging markets. Affle said the combination is expected to expand its global CPCU business and strengthen its ability to deliver advertising outcomes across connected devices and digital platforms.
Commenting on the agreement, Anuj Khanna Sohum, Chairperson, Managing Director and CEO of Affle, said the acquisition would bring together complementary technology capabilities, innovation culture and intellectual property. He added that the combination could create opportunities to improve returns for advertisers and publishers across sectors such as e-commerce, retail and healthcare.
Perion CEO Tal Jacobson said the agreement marked an important milestone for the company and would create opportunities for brands, agencies and media owners through the combination of the two companies’ capabilities.
As of September 30, 2026, Perion had cash, cash equivalents, short-term bank deposits and marketable securities worth approximately $228.3 million. The company had no financial debt, according to Affle’s announcement.
Affle plans to fund the transaction through a combination of committed bank financing and available cash resources. Citibank is providing debt financing, and the agreement is not subject to a financing condition.
The merger agreement also includes a 40-day go-shop period, allowing Perion to seek and consider alternative acquisition proposals. The period is scheduled to expire on December 11, 2026.
Following completion, Perion will become a wholly owned subsidiary of Affle and continue operating under the Perion brand. Its ordinary shares will be delisted from Nasdaq and the Tel Aviv Stock Exchange.
