Affle 3i has agreed to acquire Perion Network for US$11.70 a share in cash, valuing the Israeli advertising technology company's equity at about US$420m, the two companies announced on 1 November 2026.
Why Affle 3i Limited (via Affle 3iL Ltd) is buying Perion Network Ltd.
Affle said the deal will scale its cost-per-converted-user (CPCU) business across developed markets and extend it from mobile into retail media, connected TV and digital out-of-home advertising, where Perion operates through its Perion One platform and Outmax AI agent. Affle expects the acquisition to be accretive to earnings per share by the end of the first year after closing and projects an FY2028 revenue run rate above US$700m for the combined group.
Deal terms and financing
The price is a 34.5% premium to Perion's closing share price on 30 October 2026, the last trading day before signing. The deal is structured as a reverse triangular merger in which an Affle subsidiary merges into Perion, which will keep its brand. Affle is funding it with committed bank financing from Citibank and available cash; Perion had about US$228m in cash and securities and no financial debt at 30 September 2026. Perion may solicit alternative proposals during a 40-day go-shop ending on 11 December 2026.
Regulatory approvals and timing
Completion requires approval by Perion shareholders, expiry or termination of the Hart-Scott-Rodino waiting period in the US and other customary conditions. Closing is expected in early 2027, after which Perion's shares will be delisted from Nasdaq and the Tel Aviv Stock Exchange.
Market context
Perion, founded in 1999 as IncrediMail and headquartered in Tel Aviv, had a market value above US$1bn three years ago before changes to Microsoft's Bing search advertising terms in 2024 cut deeply into its revenue. It has since diversified into connected TV and out-of-home advertising, completing three acquisitions in three years.
