Perion Agrees to $420 Million Cash Acquisition by Affle

Perion announced on November 1 that it had agreed to an all-cash acquisition by Affle 3iL Ltd., a subsidiary of Affle International Pte. Ltd. Shareholders would receive $11.70 per share, valuing the Israeli advertising technology company's equity at approximately $420 million. The price represents a 34.5% premium to Perion's October 30 closing share price. Perion's board unanimously approved the agreement. Chairman Eyal Kaplan said: “The Board remains focused on pursuing the path that best serves shareholders”. If the transaction closes, Perion will become a wholly owned Affle subsidiary, continue operating under its existing brand and delist from both Nasdaq and the Tel Aviv Stock Exchange. Perion CEO Tal Jacobson said the company would continue implementing its strategy and supporting employees, customers and partners while the transaction proceeds. Affle chairperson, managing director and CEO Anuj Khanna Sohum described the combination as bringing together Affle's mobile marketing business with Perion's capabilities across retail media, connected television, digital out-of-home advertising and other channels. At September 30, Perion held $228.3 million in cash, cash equivalents, short-term deposits and marketable securities. The companies expect completion in early 2027, subject to shareholder approval, the applicable Hart-Scott-Rodino waiting period and other closing conditions. A 40-day go-shop period allows Perion and its financial adviser to seek alternative acquisition proposals until 11:59 p.m. Israel time on December 11, with no assurance that a superior offer will emerge. Citibank, N.A. is providing debt financing; the acquisition is not conditional on obtaining financing.