Affle to acquire Israel's Perion Network in about US$ 420 million cash deal

Affle 3i Limited said in a filing with the National Stock Exchange on 1 November 2026 that its Israel-based step-down subsidiary has signed a definitive agreement to acquire all shares of Perion Network Limited at US$ 11.70 per share, in an all-cash deal. The company puts the implied equity value at about US$ 420 million.

What Happened

According to the company's filing with the National Stock Exchange, the acquirer is Affle 3iL Ltd., Affle's Israel-based step-down subsidiary. It will buy 100% of Perion's issued and outstanding shares, including unvested equity awards as per the vesting schedule. Perion is an Israeli advertising technology company headquartered in Tel Aviv and listed on NASDAQ and the Tel Aviv Stock Exchange.

Affle said the deal will be done as a reverse triangular merger. A wholly-owned Affle subsidiary will merge with and into Perion, and Perion will survive as a wholly-owned subsidiary. On closing, Perion's ordinary shares will be delisted from NASDAQ and the Tel Aviv Stock Exchange. Perion will keep operating under its own brand.

The filing says Perion has no financial debt and had a cash balance of about US$ 228 million as on 30 September 2026. Affle plans to fund the purchase through a combination of committed financing from banks and available cash. It names CitiBank as the financing bank. Because Perion is publicly held, transaction costs will be recorded in Affle's opening balance sheet.

The boards of both companies have approved the transaction. It is subject to closing conditions, including regulatory approvals and approval by Perion's shareholders. The agreement provides for a go-shop period, during which Perion can look for other offers before seeking shareholder approval. Affle expects the deal to close in early 2027.

What It Means

For Affle's shareholders, the filing sets out the size and structure of a large overseas acquisition. Affle said it would be net debt free immediately after the deal, with a FY2028 revenue run rate of over US$ 700 million.

Affle also said it expects to update how Perion's revenue is recognised after the deal, and expects the acquisition to add to its earnings per share by the end of the first year after closing. These are the company's own expectations, not results.

The deal is not yet complete. The filing's cautionary statement lists risks, including that the transaction may not close on the expected terms or at all, that required approvals may not be received, and that competing offers for Perion may emerge. Readers can follow further disclosures on the websites of the Indian stock exchanges, where Affle says it will publish its announcements.

Oquilia Data: Affle 3i Ltd. (NSE: AFFLE)

Closes adjusted for splits and bonuses; returns exclude dividends; insider figures from BSE filings. Facts from NSE's files, not investment advice.

Full record: Affle 3i share price on Oquilia

Source: Company filing on NSE