Originals · Startup · Startups & Fintech
Affle 3i agrees to buy Israel's Perion Network for about $420 million cash
Gurugram listed Affle will take Perion private at $11.70 a share to combine AI led consumer conversion ads with Perion's CTV, retail media and DOOH stack, subject to approvals.
Affle 3i Limited said on 1 November 2026 that its Israel based step down subsidiary Affle 3iL Ltd has signed a definitive merger agreement to acquire Perion Network Limited in an all cash deal. Affle's stock exchange release and Perion's investor statement both put the price at $11.70 per share, an implied equity value of about $420 million, and a 34.5 percent premium to Perion's close on 30 October 2026. NDTV Profit and other business desks repeated the same headline terms.
Perion is a Tel Aviv headquartered, Nasdaq and TASE listed advertising technology company with a large North American footprint. Affle describes Perion's Perion One platform as an AI native omnichannel stack spanning retail media, connected TV, digital out of home and other digital channels. Affle says the deal pairs that upper funnel reach in developed markets with Affle's deeper funnel, mobile and CPCU (cost per converted user) performance products used across emerging markets, and that Perion will keep operating under its own brand after closing.
Both company boards have approved the agreement. Closing is targeted for early 2027 and still needs Perion shareholder approval, US Hart Scott Rodino clearance and other customary conditions. The merger agreement includes a 40 day go shop window for Perion that runs to 11 December 2026. Perion reported about $228.3 million in cash, short term deposits and marketable securities as of 30 September 2026 and no financial debt. Affle plans to fund the purchase with committed bank financing plus cash, and says it expects to be net debt free immediately after the deal with a FY2028 revenue run rate above $700 million.
For India's digital economy desk the story matters because a NSE and BSE listed Indian adtech and AI conversion platform is using cash and bank debt to buy a developed market advertising infrastructure company rather than only expanding through product partnerships. If the deal clears, Affle gains CTV and retail media distribution in the US and Europe while Perion shareholders exit into cash. Until then the go shop, antitrust review and shareholder vote remain open risks.
