Affle to Acquire Perion for $420 Million at 34.5% Cash Premium per Share
Key Facts
Perion and Affle announced on November 1, 2026, that they had signed a definitive agreement under which Affle 3iL, a subsidiary of Affle International, will acquire Perion for all cash at an implied equity value of about $420 million. Perion shareholders will receive $11.70 in cash for each share, a premium of 34.5% to the closing price on October 30, the last trading day before the agreement was signed. Perion’s board unanimously approved the agreement, and the company said the deal will make it a wholly owned subsidiary of Affle after completion. Perion will continue operating under its brand after closing. The agreement remains subject to shareholder approval and other conditions, so the announcement does not mean the deal has closed.
The cash consideration gives shareholders a set price per share, while the agreement allows Perion a 40-day “go-shop” period to solicit alternative offers. The period ends on December 11, 2026, at 11:59 p.m. local time in Israel. This comes before completion of the deal and gives the company scope to consider competing offers during the specified period. Perion shareholders are scheduled to vote on the deal, alongside the satisfaction of regulatory requirements and other closing conditions. The companies say they expect to complete it in early 2027, subject to shareholder approval and the expiration or termination of the waiting period under the Hart-Scott-Rodino Act.
According to Perion, cash and cash equivalents, short-term bank deposits and marketable securities totaled $228.3 million on September 30, 2026. Affle said in its disclosure that Perion had no financial debt and estimated its cash balance on the same date at about $228 million. The company’s liquidity provides financial context for the deal but does not change the announced cash consideration per share. Citibank is providing the debt financing supporting the deal. Perion confirmed that the agreement is not conditional on financing, meaning completion does not depend on securing the stated financing.
Affle’s stated strategic rationale is to combine its mobile marketing expertise with Perion’s presence in retail media, connected TV, digital out-of-home advertising and other digital channels. Perion said the combination could expand services across the omnichannel consumer journey. In the second quarter of 2026, spending on Perion One platform rose 15% year over year to $156.7 million. Connected TV spending increased 56%, digital out-of-home advertising 45% and retail media 60% year over year. These figures show growth in those channels during the quarter, the areas the companies highlight in describing how their businesses complement each other.
The deal follows two consecutive years of declining revenue at Perion, according to its annual results. Revenue fell 33% in 2024 to $498.3 million, compared with $743.2 million in 2023. The company attributed the decline mainly to lower search revenue after changes Microsoft Bing made in 2024. In the fourth quarter of that year, search advertising revenue fell 78% year over year and accounted for 20% of revenue, the company said. Annual revenue then declined 12% in 2025 to $439.9 million, from $498.3 million in 2024.
In the second quarter of 2026, Perion reported gross revenue of $98.2 million and contribution ex-TAC of $42.3 million, with a margin of 43%. Adjusted earnings before interest, taxes, depreciation and amortization were $2.8 million in the same quarter. Looking ahead, Affle said the company’s annual revenue run rate in fiscal 2028 would exceed $700 million. It also projected that the deal would be accretive to earnings per share by the end of the first year after closing, and that Affle would have no net debt immediately after completing the acquisition. These remain targets and projections announced by the buyer, while completion of the deal remains subject to the conditions and procedures set out in the agreement.