India's Affle buys Israeli ad-tech firm Perion for about $420 million in cash

Affle, the Indian mobile-advertising company, said on Sunday, Nov. 1, 2026, that its Israel-based subsidiary Affle 3iL has signed a definitive agreement to buy Perion Network (Nasdaq and TASE: PERI) for $11.70 a share in cash, an equity value of roughly $420 million and a 34.5% premium to Perion's Oct. 30 close.

Every ad-tech company now describes itself as "AI-powered," and the market apparently values that label at about $420 million here. The more interesting part is direction: an Indian mobile ad firm buying a US-facing Israeli platform to get into living-room TVs and retail screens is the reverse of how these deals usually flow. The 40-day go-shop means the price isn't final until someone decides not to outbid it, and a 34.5% premium suggests Perion's shareholders weren't exactly being paid for the AI story before Friday.

The buyer is Affle 3iL Ltd., a subsidiary of Affle, which is listed in India. It would acquire all outstanding Perion shares at $11.70 per share in an all-cash deal. The implied equity value is about $420 million. That price is a 34.5% premium to Perion's closing price on Oct. 30, 2026, the last trading day before the companies signed. Those figures are the companies'.

Perion's board approved the agreement unanimously. If it closes, Perion becomes a wholly owned subsidiary of Affle, keeps operating under the Perion brand, and its shares come off Nasdaq and the Tel Aviv Stock Exchange. Those terms are in the agreement. Closing has not happened.

The agreement includes a 40-day go-shop. A go-shop is a window in which the seller can actively look for a higher offer. Until that window ends, and until someone decides not to top $11.70, the price is the one on the page, not a finished auction. That window is in the agreement.

The companies expect to close in early 2027. Closing still needs Perion shareholder approval, the waiting period under the US Hart-Scott-Rodino antitrust law, and other conditions. Hart-Scott-Rodino is the filing that pauses a deal while US antitrust reviewers look at it. Citibank is providing financing to Affle. Those conditions are the companies'. Shareholder approval and the antitrust wait are still ahead.

Perion, based in Tel Aviv, sells advertising technology across retail media, connected TV, digital out-of-home, and other channels through its Perion One platform. Connected TV, or CTV, means ads on streaming television. Digital out-of-home, or DOOH, means ads on screens in public places. The platform includes an AI agent called Outmax. Perion made three acquisitions in the last three years. Those lines are Perion's. The releases do not name the three deals, and they do not print a revenue figure for either company.

Affle's model is cost per converted user, or CPCU: it gets paid when a mobile ad leads to a person actually doing the thing the advertiser wanted. That business is strongest in emerging markets. Affle says the Perion deal takes the same model into developed markets and into ads higher up the path, including CTV and DOOH, with pitches such as "CTV to Cart." Upper funnel, here, means the earlier part of advertising, when someone is still looking rather than about to buy. That strategy is Affle's.

Anuj Khanna Sohum, Affle's chairperson, managing director and CEO, said: "This is an important step in strengthening our CPCU business across Developed Markets and advancing our 10X decadal growth vision." Tal Jacobson, Perion's CEO, said: "Our agreement with Affle marks an important milestone for Perion." Those quotations are theirs.

The picture is Anuj Khanna Sohum, in a blue Affle polo shirt against a white background. The credit is Affle / PRNewswire. It is the portrait distributed with the deal release.

In plain terms, an Indian mobile-ad company agreed to buy an Israeli ad-tech firm for $11.70 a share in cash, about $420 million, 34.5% above Friday's close. Perion's board said yes. Shareholders and US antitrust reviewers have not. For 40 days Perion can still shop for a higher bid. Early 2027 is the target if the deal gets there, and the Perion name would stay.