Affle Perion Deal: India’s Affle to Buy Nasdaq-Listed Perion

Affle 3iL Ltd., part of India’s listed ad-tech group Affle, has agreed to buy Nasdaq-listed Perion for $11.70 a share in cash, Perion said on 1 November. The Affle Perion deal values the target’s equity at about $420 million.

The offer is a 34.5% premium to Perion’s closing price on 30 October, the last trading day before the agreement was signed. Perion’s board of directors approved the definitive merger agreement unanimously, the company said in a statement issued from New York and Tel Aviv.

Affle Perion deal: key terms

Affle 3iL is a subsidiary of Affle International Pte. Ltd. Once the deal closes, Perion will become a wholly owned subsidiary of Affle and will keep its brand. Its shares will be delisted from Nasdaq and the Tel Aviv Stock Exchange.

Citibank, N.A. is providing debt financing for the purchase, and the transaction is not subject to any financing condition. That means the deal cannot fall through simply because funding is not raised.

The agreement includes a 40-day “go-shop” period, during which Perion and its financial adviser can actively seek rival proposals. The window expires at 11:59 pm Israel time on 11 December 2026. Perion said there is no assurance that a superior offer will emerge and that it does not plan to disclose developments unless required.

Completion needs approval from Perion’s shareholders and the expiry or termination of the waiting period under the US Hart-Scott-Rodino Antitrust Improvements Act of 1976, along with other customary conditions. The companies expect the transaction to close in early 2027.

Perion chief executive Tal Jacobson said, “Our agreement with Affle marks an important milestone for Perion.” Chairman Eyal Kaplan said the board believes the deal offers “compelling value and greater financial certainty” for shareholders.

Who is buying and what Perion brings

Affle describes itself as a global technology company that helps advertisers drive AI-led consumer conversions across mobile, connected TV and other connected devices. It works on a cost-per-converted-user model and is listed on the National Stock Exchange and BSE in India. The group is led by Anuj Khanna Sohum, its Chairperson, Managing Director and CEO.

“We are excited to welcome the Perion family on board,” Sohum said in the joint announcement.

Perion positions itself as an advertising technology company built on AI-native infrastructure for real-time media buying. It operates across connected TV, digital out-of-home, commerce and retail media, social and other digital channels. Its platform is called Perion One, and its proprietary AI agent is named Outmax.

The company had $228.3 million in cash, short-term bank deposits and marketable securities as of 30 September 2026. During the third quarter it spent $26.0 million on share buybacks and $10.9 million to acquire in-store ad network PRN, according to the release.

Why the deal matters for Indian and US investors

The ad-tech acquisition is an outright, all-cash purchase of a Nasdaq-listed company by a group whose shares trade in Mumbai. Perion’s shares trade in both New York and Tel Aviv.

For Affle, Perion adds a presence in digital out-of-home, commerce and retail media advertising, channels that sit alongside its existing mobile and connected-device business. For Perion’s shareholders, the cash offer locks in a price 34.5% above the stock’s 30 October close, which implies a closing price of about $8.70.

The deal also comes as trade ties between New Delhi and Washington are back in focus. A senior US official recently said an India-US trade agreement was more than 90% complete, as we reported in our story on the India-US trade deal talks.

Because the purchase is funded with Citibank debt, investors in Affle’s Indian-listed shares will be watching the leverage it adds and how quickly Perion can be integrated with Affle’s operations. The announcement did not include financial guidance for the combined business.

Canaccord Genuity is acting as exclusive financial adviser to Perion, with Meitar Law Offices as legal counsel. LUMA Partners is financial adviser to Affle, and Barnea Jaffa Lande & Co. is its legal counsel.

If the Affle Perion deal stays on track, the next milestone is the end of the go-shop period on 11 December, followed by the shareholder vote and US antitrust clearance. The full terms are set out in Perion’s official announcement. Readers can track related developments in our business news section.

EDITOR NOTES — REMOVE BEFORE PUBLISHING

Region: USA (with India angle)

Meta title (55 characters): Affle Perion Deal: Affle to Buy Perion for $420 Million

Meta description (150 characters): Affle Perion deal: India’s Affle agrees to buy Nasdaq-listed Perion for $11.70 a share in cash, about $420 million, a 34.5% premium to its last close.

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Note: Fact & grammar check done — 8 corrections (removed four unsupported generalisations about deal flow and ad budgets, tightened the financing-condition sentence, reworded the guidance line, removed an unsupported “mobile-focused” label and an equity-versus-debt inference, rewrote the implied-price sentence). Phrasly not run (account needs human verification). FLAGS: Implied 30 October close of about $8.70 is calculated from the $11.70 price and 34.5% premium, not stated in the release. No independent media coverage was found yet; all deal facts come from Perion’s official release. Affle’s own BSE/NSE disclosure was not read — check it for Affle-side comments and any ₹ figures before publishing. Story is a Nasdaq-listed (Israel-based) target with an Indian acquirer; filed under USA as a Nasdaq/US-antitrust M&A story.

Sources (fact-check):

• https://perion.com/investors/press/perion-enters-into-definitive-merger-agreement-with-affle/