Affle 3i to buy Israel's Perion Network for $420 million in all-cash deal

Affle 3i acquisition details were filed with the NSE and BSE on Sunday, 1 November 2026. The Gurugram-based company said its Israel-based step-down subsidiary, Affle 3iL Ltd., has signed a definitive agreement to buy 100% of Perion Network Ltd. in an all-cash deal. The implied equity value is about $420 million, and Perion shareholders will receive $11.70 per share. The deal is expected to close in early 2027.

Affle 3i acquisition details: key terms

• Buyer: Affle 3iL Ltd., a wholly owned step-down subsidiary of Affle 3i Limited.
• Target: Perion Network Ltd., an Israeli advertising technology company listed on Nasdaq and the Tel Aviv Stock Exchange.
• Price: $11.70 per share in cash, including unvested equity awards as per their vesting schedule.
• Structure: A reverse triangular merger. Perion survives as a wholly owned subsidiary of Affle, and its shares will be delisted from Nasdaq and the Tel Aviv exchange once the deal completes.
• Funding: Committed bank financing and available cash. Perion had no financial debt and about $228 million in cash as of 30 September 2026.
• Conditions: Regulatory clearances and approval from Perion shareholders. CNBC-TV18 reported that the deal includes a go-shop period for Perion before the shareholder vote.

Affle said it expects to remain net debt-free immediately after the acquisition.

Why Affle is buying Perion

Affle says the deal will bring its cost per converted user (CPCU) model into developed markets. Perion has operations mainly in the USA, Canada, Israel and Europe, and offers advertising across retail media, connected TV and digital out-of-home channels. Affle’s strength is in deeper-funnel mobile marketing in emerging markets. The company expects the combined business to serve thousands of advertisers in more than 100 countries.

Affle also expects a revenue run rate of more than $700 million in financial year 2028. This is the company’s own expectation, not a forecast from ArthaWire.

What to watch next

Affle has said it will review Perion’s business contracts and update how it recognises revenue, in line with the CPCU model. In our view, that change could affect how the combined company’s revenue looks in its reported numbers, so the first results after closing will be worth reading closely. The next steps are the Perion shareholder vote and regulatory approvals. For other large corporate deals, see the deals news section.