Stocks

Perion Agrees to a $420 Million All-Cash Sale to Affle at $11.70 a Share, a 34.5% Premium

Ad-tech firm Perion agreed on Sunday to be acquired by a unit of India's Affle for $11.70 a share in cash, about $420 million in equity value, with a 40-day go-shop running to Dec. 11.

Nov 01, 2026 - 07:16

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Perion, the advertising technology company listed on Nasdaq and the Tel Aviv Stock Exchange under the ticker PERI, agreed on Sunday, November 1, 2026, to be acquired for cash by a subsidiary of Affle, a mobile advertising technology group, according to a joint press release distributed by Business Wire.

Perion shareholders will receive $11.70 a share in cash. The companies said the price gives Perion an equity value of about $420 million and represents a 34.5% premium to its closing price on Friday, October 30, the last trading day before the agreement was signed. Perion's board of directors approved the merger agreement unanimously.

Where the shares stand

Perion's Nasdaq shares closed Friday at $8.70, according to Yahoo Finance data, which is consistent with the stated 34.5% premium. The offer price is also above the stock's 52-week high of $11.27 in that data; the 52-week low was $7.63. The stock will next trade on Monday, November 2, when U.S. markets reopen.

The buyer is Affle 3iL Ltd., a subsidiary of Affle International Pte. Ltd. The group's parent, Affle 3i Limited, is listed on India's National Stock Exchange and BSE, the release said. Affle 3i shares closed at ₹1,341.80 on the NSE on Friday, according to Yahoo Finance data.

Deal terms and conditions

After the deal closes, Perion will become a wholly owned subsidiary of Affle and will keep operating under the Perion brand. Its ordinary shares will be delisted from both Nasdaq and the Tel Aviv Stock Exchange.

The companies expect to complete the transaction in early 2027. Closing requires approval by Perion's shareholders and the expiration or termination of the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act, along with other customary conditions.

Citibank, N.A. is providing debt financing to support the purchase, and the transaction is not subject to a financing condition, according to the announcement.

The agreement includes a 40-day "go-shop" period that allows Perion and its financial adviser to actively seek and consider competing proposals. That window expires at 11:59 p.m. Israel time on December 11, 2026. The companies said there is no assurance the process will produce a superior offer, and Perion said it does not intend to disclose developments in the go-shop unless it decides that disclosure is appropriate or required.

Perion's balance sheet

As of September 30, 2026, Perion held cash and cash equivalents, short-term bank deposits and marketable securities of $228.3 million, the release said. During the third quarter, the company spent $26.0 million on share repurchases and $10.9 million on its acquisition of PRN.

Perion describes itself as an advertising technology company that executes media through AI-based infrastructure across connected TV, digital out-of-home, retail and commerce media, social and other digital channels. Its platform includes a proprietary AI agent called Outmax and a unified offering branded Perion One.

What the executives said

"Our agreement with Affle marks an important milestone for Perion," Chief Executive Tal Jacobson said in the statement. He said Affle "has established a strong position in mobile performance" and that the companies' capabilities are complementary.

Eyal Kaplan, chairman of Perion's board, said: "We believe the proposed transaction offers compelling value and greater financial certainty for Perion's shareholders, while providing a strong foundation for the company's future."

Anuj Khanna Sohum, chairperson, managing director and chief executive of Affle, said combining Affle's mobile marketing business with Perion's presence in retail media, connected TV and digital out-of-home channels would "drive greater synergies across the omnichannel consumer journey." He called the purchase "an important step in strengthening our CPCU business across Developed Markets." CPCU refers to Affle's cost-per-converted-user business model.

Advisers

Canaccord Genuity is the exclusive financial adviser to Perion, and Meitar Law Offices is its legal counsel. LUMA Partners is acting as financial adviser to Affle, with Barnea Jaffa Lande & Co. serving as its legal counsel, according to the announcement, which was also carried by FT Markets and Stock Titan.

The release noted that the merger agreement includes circumstances in which a party could be required to pay a termination fee, but the announcement did not disclose the amount.