Affle has agreed to buy Perion Network in an all-cash deal worth about $420 million in equity. Shareholders would get $11.70 per share, a 34.5% premium over the closing price on October 30, 2026. Perion’s board backed the deal unanimously, but it kept a door open: for 40 days the company and its financial adviser can actively solicit a better offer.
The mechanics and the clock
The buyer is a subsidiary of Affle International, which sits under the listed Indian parent Affle. When the deal closes, Perion becomes a wholly owned subsidiary and continues under its own brand. Citibank is providing debt financing, and closing is not conditional on the loan arriving.
Three things stand between signing and the expected early-2027 close:
- approval by Perion’s shareholders;
- expiry or termination of the Hart-Scott-Rodino waiting period;
- other closing conditions that the announcement does not spell out.
The go-shop period runs until 11:59 PM Israel time on December 11, 2026. Perion has cautioned that it may not disclose progress during that window.
More than half the price is already on Perion’s books
Perion held $228.3 million in cash, bank deposits and marketable securities on September 30. That is roughly 54% of the $420 million equity value. In effect, Affle is paying around $192 million for the operating business, before any adjustments for liabilities the announcement does not detail.
The cash pile has been shrinking because of buybacks and one acquisition. Perion spent $26.0 million on share repurchases and $10.9 million on the PRN in-store network in the third quarter. Shareholders who held on are now getting an offer about 28% above the second-quarter average buyback price of $9.12, according to PPC Land’s calculations.
What Affle is really buying
Perion has spent the past two years replacing search revenue with screens and retail media. After Microsoft changed its Bing search distribution marketplace in 2024, Perion’s search revenue fell 44% in 2025. Over the same year, CTV revenue rose 42% to $62.1 million, DOOH revenue rose 36% to $94.9 million and retail media revenue rose 36% to $109.9 million.
Recent moves made the physical-store bet bigger. Best Buy Canada picked Perion to run programmatic ads across 308 stores, and the PRN deal added screens in more than 750 warehouse clubs, 4,500 big-box stores and 2,200 healthcare locations in North America.
Affle chairperson Anuj Khanna Sohum framed the fit this way: “The combination of Affle’s strong leadership in mobile marketing with Perion’s established presence across Retail Media, CTV, DOOH and other digital channels will enable us to drive greater synergies across the omnichannel consumer journey on intelligent connected devices.” He named e-commerce, retail and healthcare as target verticals.
Affle runs on a cost-per-converted-user model and owns app-focused DSPs including Jampp, RevX and YouAppi. Perion brings screens near the point of purchase, plus an AI agent, Outmax, that has cut acquisition costs for clients but remains small in total spend.
Why marketers should watch this
The deal continues a year of cash-premium adtech consolidation, following Publicis-LiveRamp and Nielsen-DoubleVerify. For agencies and D2C teams buying DOOH, retail media or CTV through Perion, the new parent is built on app installs and conversions, not screens.
The announcement says Perion keeps its brand. It does not say whether its technology will merge with Affle’s DSPs, what happens to change-of-control provisions in customer contracts, or how Perion’s teams will be affected. Buyers should ask those questions before renewing big commitments, and watch the go-shop window for any rival bid.
Source: PPC Land
