Who is buying whom
Affle 3i Limited said its Israel-based step-down subsidiary, Affle 3iL Ltd., has signed a definitive agreement to acquire all outstanding shares of Perion Network Limited, including unvested equity awards under their vesting schedule. Perion shareholders will receive US$11.70 per share in cash, the company said in the announcement.
The numbers
The all-cash transaction implies an equity value of about US$420 million. Perion carries no financial debt and had a cash balance of about US$228 million as of September 30, 2026. Affle said it plans to fund the deal with committed bank financing alongside available cash, and that it would be net debt free immediately after the acquisition, with a FY2028 revenue run rate of more than US$700 million.
Structure and timing
The deal will be carried out as a reverse triangular merger in which a wholly owned Affle subsidiary merges into Perion, which survives as a wholly owned subsidiary and keeps operating under the Perion brand. Perion's shares will be delisted from Nasdaq and the Tel Aviv Stock Exchange on closing. Both boards have approved the transaction, which still needs regulatory clearances and Perion shareholder approval and is expected to close in early 2027. The agreement includes a go-shop period before Perion seeks shareholder approval.
What the companies say it is for
Affle said the combination pairs its mobile marketing and AI-driven cost-per-converted-user business in emerging markets with Perion's presence in upper-funnel channels including retail media, connected TV and digital out-of-home advertising in developed markets. Affle said it expects to update Perion's revenue recognition as part of a planned CPCU transformation and that the deal should add to earnings per share by the end of the first year after closing. Perion CEO Tal Jacobson said the agreement marks a milestone for the company and pointed to potential for brands, agencies and media owners.
