Affle to buy Israel's Perion for about $420 million in an all-cash deal

Affle 3i Limited, the Gurugram-based adtech company listed on the BSE and NSE, has agreed to buy Perion Network, an Israeli advertising technology company listed on Nasdaq and the Tel Aviv Stock Exchange. Affle announced the deal in its own press release dated 1 November 2026.

The deal in numbers

According to Affle's release:

• Perion shareholders will get US$11.70 per share, paid in cash.
• That puts Perion's equity value at about US$420 million.
• The buyer is Affle 3iL Ltd., Affle's Israel-based step-down subsidiary.
• Affle will pay with a mix of committed bank financing and its own cash. CitiBank is named as the financing bank.
• Perion has no financial debt and had about US$228 million in cash as of 30 September 2026.

The boards of both companies have approved the deal. It still needs regulatory approvals and a vote by Perion's shareholders. The agreement also includes a "go-shop" period, during which Perion can look for a better offer before the shareholder vote.

Affle expects the deal to close in early 2027. After that, Perion's shares will be delisted from Nasdaq and Tel Aviv, and Perion will keep running under its own brand as a wholly owned subsidiary.

Why Affle wants Perion

The two companies are strong in different places:

• Affle is known for mobile advertising in emerging markets like India. It uses a "cost per converted user" (CPCU) model, where advertisers pay for users who actually take an action, such as installing an app or buying something.
• Perion, based in Tel Aviv with a large North American business, sells advertising across connected TV, digital billboards (DOOH) and retail media, through its Perion One platform.

Affle says putting the two together will help it bring its CPCU model to developed markets. It talks about linking TV and billboard ads to actual purchases, which it calls "CTV to Cart" and "DOOH to Cart".

Affle chairperson, MD and CEO Anuj Khanna Sohum said in the release that the deal is "an important step in strengthening our CPCU business across Developed Markets." Perion CEO Tal Jacobson called the agreement "an important milestone for Perion."

Affle's bigger claims

In the same release, Affle says it expects to be net debt free right after the deal and to reach a revenue run rate of over US$700 million in FY2028. It also expects the deal to add to earnings per share by the end of the first year after closing. These are the company's own projections, not results, and they depend on the deal closing and on Affle's plan to change how Perion's business works.

Day1 take

Indian tech companies buying listed companies abroad, in cash, is still rare. Affle has bought businesses before, including AdColony's technology assets and trademark in June 2026, according to its newsroom. This one is a test of whether an Indian adtech firm can take a Western-market business and run it on its own model. Founders building in marketing tech should watch how quickly Affle changes Perion's business after closing.

Sources: Affle press release, "Affle to acquire Perion, to scale its CPCU business across Developed markets" (primary, 1 Nov 2026). Quotes and deal figures are from that release. Lead via media reports (1 Nov 2026).