Affle will buy Perion for $420m in cash. The deal should close in early 2027

Perion Network said on 1 November that Affle, a mobile ad tech group listed in India, will buy all its shares for $11.70 each, in cash. The Affle Perion deal values Perion at about $420m and pays a 34.5% premium on its closing price of 30 October. Perion announced the terms in a press release filed with the US Securities and Exchange Commission.

Perion keeps its name and CEO Tal Jacobson

Perion’s board backed the deal unanimously. Perion will become a fully owned unit of Affle and keep its brand. Its shares will leave Nasdaq and the Tel Aviv Stock Exchange once the deal closes. Citibank provides the debt, and the deal does not depend on financing. Tal Jacobson stays on as chief executive, AdExchanger reported.

Perion can still look for a better offer. Its so-called go-shop period runs until 11 December. After that, shareholders must vote and the US antitrust waiting period must end. Both companies expect the deal to close in early 2027.

Affle wants Perion’s TV, screen and store clients

Affle sells ads mainly on phones and charges advertisers per converted user. In its own release, the company says it wants to take this model into developed markets. Perion brings clients there, mostly big brands and agencies in North America.

Perion sells ads on connected TV, digital out-of-home screens and retail media, meaning ads in shops and online stores. In Europe, outdoor screens are also sold through automated auctions, as VIOOH does in Spain. Perion runs a buying platform called Perion One and an AI tool called Outmax. Jacobson told AdExchanger that Perion never had good mobile performance tech. Affle, he said, “has pure technology just for that.”

Perion has about 500 staff, according to AdExchanger. It bought the out-of-home firm Hivestack for about $100m in 2023 and Greenbids for $65m last year. The deal follows another ad tech purchase, when Stagwell bought Freestar.

Perion drops its 2026 forecast and stops buybacks

In a second filing on 2 November, Perion withdrew its outlook for 2026 and its targets for 2028. It also suspended its share buyback. By 30 October it had spent $196.8m on 21.3 million shares. It held $228.3m in cash and deposits at the end of September. Third-quarter results will come out on 16 November, with no conference call.

Will a rival bidder top $11.70 a share before the go-shop window closes on 11 December? If none does, the next step is the shareholder vote.