Affle 3i to buy Perion in all-cash deal valued near US$ 420 million
- Mergers & acquisitions
- Advertising technology
Reviewed byRachit TripathiBlacklitt Research
Affle 3i (NSE: AFFLE) said in a filing on 01 Nov 2026 that its step-down subsidiary Affle 3iL has signed a definitive merger agreement to acquire Perion Network, an Israeli advertising technology company. The all-cash deal values Perion at an implied equity value of about US$ 420 million, or US$ 11.70 a share.
Terms of the acquisition
Affle 3iL will acquire 100% of Perion and its subsidiaries in an all-cash transaction, including unvested equity awards as per their vesting schedule. The deal is structured as a reverse triangular merger: a wholly owned subsidiary of Affle merges into Perion, which survives as a wholly owned subsidiary of Affle. Perion's shares would then be delisted from Nasdaq and the Tel Aviv Stock Exchange.
Perion has no financial debt and, as on 30 Sep 2026, a cash balance of about US$ 228 million, according to the filing. The company says Affle would be net debt free immediately after the acquisition. The Boards of both companies have approved the transaction, which is subject to closing conditions including regulatory approvals and Perion shareholder approval. A go-shop period applies before the shareholder vote, and the indicative completion period is 180 days.
How it fits Affle's business
The company says the acquisition is strategic for its consumer platform business and aims to scale its CPCU business across Developed markets. Perion's operations are mainly in the USA, Canada, Israel and Europe, and the company says the deal brings about 600 employees in Developed markets.
Perion's reported revenue fell from US$ 743.2 million in CY2023 to US$ 498.3 million in CY2024 and US$ 439.9 million in CY2025. It made a profit after tax of US$ 115.0 million in CY2023 and US$ 12.6 million in CY2024, and a loss of US$ 7.9 million in CY2025. Affle says it expects the deal to be accretive to earnings per share by the end of the first year after closing. Affle's own latest quarter, Q1 FY27, showed consolidated total income of ₹772.21 crore.
What the Perion deal means for Affle 3i's shareholders
The deal adds an acquisition of about US$ 420 million, to be paid in cash, with Affle planning to fund it through committed bank financing and available cash. The filing does not say how much of the price will come from each source, what the transaction costs will be, or what the deal will be worth in rupees. It also does not say what the go-shop period may produce.
The next dated step is the expected closing in early 2027, subject to the conditions above.
At a glance
| Item | Detail |
|---|---|
| Acquirer | Affle 3iL Ltd., wholly owned step-down subsidiary of Affle 3i Limited |
| Target | Perion Network Ltd., Israel |
| Offer price | US$ 11.70 per share, all cash |
| Implied equity value | about US$ 420 million |
| Structure | Reverse triangular merger |
| Advisers | LUMA Partners LLC (financial); Barnea Jaffa Lande & Co. (legal); CitiBank (financing bank) |
| Expected closing | Early 2027 |
Filed with BSE on . Reference: Original filing (PDF)
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