Perion Network Ltd. (NASDAQ: PERI), an advertising technology company, announced on November 1, 2026 that it has agreed to be acquired by Affle for $11.70 per share in cash. The deal values Perion at about $420 million and represents a 34.5% premium to its closing share price on October 30, the last trading day before signing.

Deal Terms and Timeline

Affle 3iL Ltd., an Israel-based subsidiary of India-listed Affle 3i Limited, will acquire Perion through a merger. Perion’s Board of Directors unanimously approved the agreement. After closing, Perion will become a wholly owned subsidiary of Affle and will continue to operate under the Perion brand.

Citibank, N.A. is providing debt financing, and the deal is not subject to a financing condition. The companies expect to close in early 2027, pending approval from Perion shareholders and expiration of the Hart-Scott-Rodino waiting period. Once the deal closes, Perion shares will no longer trade on NASDAQ or the Tel Aviv Stock Exchange.

In the meantime, Perion can still look for a better offer. The agreement includes a 40-day “go-shop” period that ends on December 11, 2026, during which Perion and its financial advisor can actively solicit competing proposals. According to the merger agreement, Perion would owe Affle a $10.5 million termination fee if it signs a superior deal during the go-shop, compared with $14.7 million afterward. “We believe the proposed transaction offers compelling value and greater financial certainty for Perion’s shareholders,” said Eyal Kaplan, Chairman of Perion’s Board.

Why Affle Wants Perion

Affle focuses on mobile performance marketing, mainly in emerging markets, and charges advertisers on a cost per converted user (CPCU) basis. Perion, on the other hand, runs advertising across connected TV (CTV), digital out-of-home (DOOH) and retail media, with a strong North American footprint. In its own announcement, Affle said the combination will “materially expand the total addressable market opportunity” for its CPCU business, including what it calls “CTV to Cart” and “DOOH to Cart” retail commerce outcomes.

Affle also set out its financial expectations for the deal. The company said it expects the acquisition to add to earnings per share by the end of the first year after closing. Furthermore, it projects the combined business will reach a fiscal 2028 revenue run rate of more than $700 million and said it would be net debt free immediately after the acquisition.

“This is an important step in strengthening our CPCU business across Developed Markets and advancing our 10X decadal growth vision,” said Anuj Khanna Sohum, Chairperson, Managing Director and Chief Executive Officer of Affle. Tal Jacobson, Chief Executive Officer of Perion, called the agreement “an important milestone” and said Affle “has established a strong position in mobile performance.”

Where Perion Stands Today

The deal arrives as Perion shifts away from the open web toward newer channels. In its second quarter results, Perion reported revenue of $98.2 million, down 5% from a year earlier, and adjusted EBITDA of $2.8 million. At the same time, spending on its Perion One platform rose 15% to $156.7 million, with CTV up 56%, DOOH up 45% and retail media up 60%.

In August, Perion also narrowed its full-year outlook for contribution ex-TAC to $215 million to $225 million, from $215 million to $235 million, and for adjusted EBITDA to $51 million to $53 million, from $50 million to $54 million. By comparison, first-half adjusted EBITDA totaled $3.2 million, so the outlook relies on a stronger second half.

Perion also brings a sizable cash balance to the deal. As of September 30, 2026, it held $228.3 million in cash, short-term bank deposits and marketable securities, or more than half of the deal’s equity value. During the third quarter, it used $26.0 million on share buybacks and $10.9 million to acquire PRN.

Strategic Investment Summary

• All-Cash Offer: Perion Network Ltd. (NASDAQ: PERI) agreed on November 1, 2026 to be acquired by Affle for $11.70 per share in cash, or about $420 million.
• Premium: The price represents a 34.5% premium to Perion’s October 30 closing share price.
• Go-Shop Window: Perion can solicit competing offers until December 11, 2026, with a $10.5 million termination fee during that period.
• Closing Path: The deal requires shareholder approval and Hart-Scott-Rodino clearance, and the companies expect to close in early 2027.
• Affle’s Targets: Affle expects the deal to add to EPS by the end of the first year after closing and projects a combined fiscal 2028 revenue run rate above $700 million.
• Cash Position: Perion held $228.3 million in cash, deposits and marketable securities as of September 30, 2026.

Find out more about the latest corporate developments and financial reports at the Perion investor portal.

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