India's Affle agrees to buy Israeli ad-tech firm Perion for about $420 million in cash

Perion, an Israeli digital advertising technology company listed on Nasdaq and the Tel Aviv Stock Exchange, said on Sunday 1 November that it has agreed to be acquired by Affle, an India-based mobile advertising technology group, in an all-cash deal.

The terms. Under the agreement, Perion shareholders will receive US$11.70 a share, which values Perion’s equity at about US$420 million, the companies said. Perion said the price is a 34.5% premium to its closing share price on Friday 30 October, the last trading day before the agreement was signed. The buyer is Affle 3iL Ltd., a subsidiary of Affle International Pte. Ltd. Perion’s board approved the deal unanimously. Debt financing is being provided by Citibank, and the deal is not subject to a financing condition, Perion said.

Go-shop and timing. The agreement includes a 40-day “go-shop” period, ending on 11 December, during which Perion may actively seek alternative offers. The deal needs approval from Perion shareholders and US antitrust clearance and is expected to close in early 2027. Perion would then become a wholly owned subsidiary of Affle, keep the Perion brand and be delisted from Nasdaq and the Tel Aviv Stock Exchange. Perion said it had US$228.3 million in cash, deposits and marketable securities as of 30 September.

What the companies said. Perion chief executive Tal Jacobson said the agreement “marks an important milestone” and that the two businesses have “complementary capabilities”. Affle chairperson and chief executive Anuj Khanna Sohum said the deal would strengthen Affle’s business in developed markets by combining its mobile marketing with Perion’s work in retail media, connected TV and digital out-of-home advertising.