A $420 million cash deal gives India's Affle a shortcut into developed-market advertising — but Perion could still find a higher bidder before December 11.
November 2, 2026 — Affle 3i Limited has agreed to buy Israeli advertising technology company Perion Network Limited for about $420 million in cash, in a deal announced on November 1, 2026 that would take Perion off the Nasdaq and the Tel Aviv Stock Exchange.
Image: A connected television, a retail store screen and a smartphone linked by flowing data lines, symbolising an omnichannel advertising deal. Credit: Red Eye Eagle News / AI illustration.
Editor's Highlight: The headline price is only part of the story — Perion held about $228 million in cash and liquid assets and no financial debt at September 30, 2026, so Affle is buying a platform, a customer base and a large cash pile in one transaction.
Table of Contents
- The Deal in Brief
- What Affle Is Buying
- Why Perion's Cash Pile Matters
- The Go-Shop Window
- Perion's Fall — and the Microsoft Factor
- What Happens Next
- Bottom Line
- FAQ
- Sources
Key Facts
| Detail | Information |
|---|---|
| Buyer | Affle 3i Limited, via subsidiary Affle 3iL Ltd. |
| Target | Perion Network Limited (Nasdaq and TASE: PERI) |
| Price | $11.70 per share in cash; about $420 million equity value |
| Premium | 34.5% above Perion's October 30, 2026 close of $8.70 |
| Perion cash position | About $228.3 million in liquid assets; no financial debt (September 30, 2026) |
| Go-shop deadline | December 11, 2026, at 11:59 p.m. Israel time |
| Expected close | Early 2027, subject to shareholder and regulatory approvals |
| After closing | Perion keeps its brand, becomes wholly owned by Affle, and is delisted |
Background video from Perion explaining its connected TV advertising offering — the kind of channel Affle is buying into. It is not a video about the acquisition itself.
The Deal in Brief
Under the definitive agreement, Affle 3iL Ltd., Affle's Israel-based subsidiary, will acquire all of Perion's outstanding shares, including unvested equity awards under their vesting schedule, at $11.70 per share. The deal is structured as a reverse triangular merger, with Perion surviving as a wholly owned Affle subsidiary.
The transaction has been approved by the boards of both companies, according to the companies' announcement. Perion's board approved the deal unanimously.
Newsroom Focus: This is an agreed deal, not a completed one. It still needs Perion shareholder approval, regulatory clearances — including the expiry of the waiting period under the U.S. Hart-Scott-Rodino antitrust law — and other customary closing conditions.
What Affle Is Buying
Perion is an Israeli technology company headquartered in Tel Aviv, with a strong North American footprint and operations mainly in the United States, Canada, Israel and Europe.
Its Perion One platform sells advertising across retail media, connected television (CTV) and digital out-of-home (DOOH) screens. Its Outmax AI agent optimises ad spend in real time.
Why Perion's Cash Pile Matters
Perion had no financial debt and held about $228 million in cash, bank deposits and marketable securities at September 30, 2026, according to Affle's announcement. Perion's own announcement puts the more precise total at $228.3 million.
Affle plans to fund the deal through committed bank financing and available cash resources. Citibank is the financing bank, and the transaction is not subject to a financing condition, according to Perion's announcement.
According to the company, Affle expects to stay net debt-free after the deal, reach a revenue run rate above $700 million in financial year 2028, and see the deal add to earnings per share within a year of closing. Those are company forecasts, not results.
| Measure | Figure | Basis |
|---|---|---|
| Offer price | $11.70 per share | Definitive agreement |
| Equity value | About $420 million | Companies' announcement |
| October 30 close | $8.70 | Last trading day before signing |
| Premium | 34.5% | Companies' announcement |
| Perion liquid assets | About $228.3 million | September 30, 2026 |
The Go-Shop Window
Perion has a 40-day "go-shop" period in which it and its financial adviser, Canaccord Genuity, may actively solicit competing acquisition proposals. The window expires at 11:59 p.m. Israel time on December 11, 2026.
The go-shop matters because the offer, while a premium to the recent share price, is far below Perion's former valuation. Globes, the Israeli business newspaper, reported that Perion's market capitalisation stood at about NIS 1.05 billion (about $360 million) at the time of the announcement, after an 82% fall from NIS 7 billion in April 2023.
Practical Takeaway: For Perion shareholders, the choice is a certain $11.70 in cash if the deal closes, versus the uncertain possibility of a better offer before December 11 — or the risk that the deal fails and the shares fall back. For Affle shareholders, a rival bid could raise the price or take the asset away entirely.
Perion's Fall — and the Microsoft Factor
Perion's recent financial history explains why a takeover at this price was possible. According to Affle's filing, Perion's revenue and profit after tax were $743.2 million and $115.0 million in 2023, then $498.3 million and $12.6 million in 2024, and $439.9 million and a loss of $7.9 million in 2025.
Part of the decline traces to Microsoft. Globes reported that Microsoft changed the pricing mechanism for searches from its distribution partners on Bing, reducing Perion's ad activity and revenue per thousand impressions.
Perion has meanwhile been shifting to newer channels: in the second quarter of 2026, Perion One spending rose 15% to $156.7 million, with CTV up 56% and retail media up 60%, while overall revenue slipped 5% to $98.2 million.
What Happens Next
- November 2, 2026: Trading resumes in Perion shares, giving the market its first chance to price the $11.70 offer and the chance of a rival bid.
- By December 11, 2026: Perion's go-shop period expires at 11:59 p.m. Israel time.
- After the go-shop: Perion shareholders vote on the agreement, and regulators review the deal, including the U.S. antitrust waiting period.
- Early 2027: The companies expect the transaction to close, subject to those approvals. Affle has given an indicative completion period of 180 days.
Bottom Line
Affle is paying about $420 million in cash for a debt-free ad-tech company with $228 million in liquid assets, a connected TV and retail media platform, and a business still in transition away from its dependence on Microsoft search revenue.
What to watch next: any rival bid before December 11, how Perion shares trade against the $11.70 offer, and whether Affle can turn Perion's growing CTV and retail media spending into profitable revenue.
FAQ
How much is Affle paying for Perion?
About $420 million in equity value, at $11.70 per share in cash — a 34.5% premium to Perion's October 30, 2026 closing price of $8.70.
Is the deal already complete?
No. It is a definitive agreement approved by both boards, but it still needs Perion shareholder approval, regulatory clearances and other closing conditions. The companies expect it to close in early 2027.
Can another company still outbid Affle?
Yes, until the 40-day go-shop period expires at 11:59 p.m. Israel time on December 11, 2026. Perion may actively solicit competing proposals during that window, but no rival offer has been disclosed.
What happens to Perion's shares if the deal closes?
They will be delisted from Nasdaq and the Tel Aviv Stock Exchange, and Perion will continue operating under its own brand as a wholly owned subsidiary of Affle.
Why does Affle want Perion?
According to the company, Perion adds connected television, retail media and digital out-of-home advertising in developed markets to Affle's mobile, conversion-based business — with the aim of linking TV and store-screen ads to measurable purchases through its CPCU model.
Sources
- Affle / PRNewswire via TradingView — Affle to acquire Perion (November 1, 2026 announcement)
- Globes — Affle acquires Perion Network for $420m (November 1, 2026)
- Unite.AI — Affle signs definitive agreement to acquire Perion (advisers, financial history)
- Business News Today — Affle 3i to acquire Perion for $420m (cash position, go-shop, quarterly detail)
- Perion / Business Wire via TradingView — Perion enters into definitive merger agreement with Affle
- Red Eye Eagle News / AI illustration — original illustration for this article
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