Affle to Buy Perion for $420 Million in an All-Cash Deal

Affle, the Indian mobile ad group, has agreed to buy Israeli ad tech company Perion for $11.70 a share in cash, about $420 million in all.

Buy CTV or retail media ads through Perion? Your vendor is changing hands.

The deal terms

Affle’s announcement on PR Newswire says its Israeli subsidiary, Affle 3iL, signed a definitive agreement for all of Perion’s shares. Both boards have approved it.

The price is a 34.5% premium over Perion’s close on October 30, according to Calcalist.

But look at the cash. Perion held $228.3 million in cash, deposits and securities on September 30.

That’s more than half the price, by PPC Land’s math, so you’re looking at about $190 million for the business itself once you take the cash out.

Three years ago, Perion was worth more than $1 billion on the market.

Here’s the path from here to closing:

• Perion’s shareholders vote on the deal.
• The US antitrust waiting period (Hart-Scott-Rodino) has to run out, along with other customary conditions.
• A 40-day “go-shop” runs until December 11, 2026, and in that window Perion can actively look for and consider a better offer from any other buyer that wants to bid.
• Closing in early 2027.

After that, Perion’s shares leave Nasdaq and the Tel Aviv Stock Exchange. Citibank is providing the debt financing, and the deal has no financing condition.

What changes for you as a Perion customer

Perion sells ads across retail media, connected TV (CTV), digital out-of-home (DOOH) and other channels. You buy them through Perion One and Outmax, its AI agent.

You’ll still see the Perion brand, since Perion will run as an Affle subsidiary.

CEO Tal Jacobson said the team stays focused on “delivering for the customers and partners who rely on us.”

So what does Affle want with it? It plans to bring its pay-per-conversion model, CPCU (cost per converted user), to the campaigns of Perion’s advertisers.

In practice, Affle wants to tie your TV and screen ads to sales.

Then there’s the line I’d read twice. Affle expects to update Perion’s revenue recognition after closing, including a review of business contracts.

What does that mean for your contract? The release doesn’t say.

Why Perion sold

Perion’s slide began in 2024, when Microsoft changed its search ad terms with distribution partners like Perion. Calcalist says the change cut RPM for Perion and its clients.

Here are the numbers you need, per Calcalist:

• In 2023, search was almost half of Perion’s revenue, and Microsoft supplied about 85% of that search business.
• Revenue is projected to fall from nearly $900 million in 2024 to about $400 million this year, and Perion is expected to swing to a loss over that period.
• Perion One and Outmax haven’t reversed the decline yet.

Why it matters

My read: if you run campaigns on Perion One or Outmax, nothing breaks this week. The deal won’t close before early 2027.

PPC Land points out what the release leaves open. It doesn’t say whether Perion’s tech will merge with Affle’s own DSPs (Jampp, RevX and YouAppi).

Nor does it say whether your contract has change-of-control terms. I’d check these now:

• The notice period in your contract with Perion.
• Any change-of-control clause in your contract with Perion, and what it lets you do.
• How you’d export your campaign data and audiences if you moved your budget to another platform next year.
• Who your account manager reports to after closing.

If you’re a publisher on Perion’s supply side, ask the same things. Affle’s CEO talks about more ROI for advertisers and publishers alike, but gives you no detail on either.

Still, the bigger lesson, I think, is Microsoft. One partner’s pricing change started a slide from a $1 billion company to a $420 million sale.

Busy month, too: Safari’s block, then Salesforce buying Braze.

Either way, your own question is simpler. How much of your revenue rests on one partner’s terms?

Common Questions

How much is Affle paying to acquire Perion Network?

Affle is paying $11.70 per Perion share in cash, about $420 million in all, which is a 34.5% premium over Perion’s close on October 30, 2026, the last trading day before signing.

Will Perion One and Outmax keep working after the Affle acquisition?

Yes, for now. Perion will keep its brand and run as an Affle subsidiary, and its CEO said the company would keep developing Perion One and Outmax, its AI agent, through a deal that is expected to close in early 2027 once shareholders vote.

Can another company still outbid Affle for Perion?

Possibly. Perion has a 40-day go-shop that runs until December 11, 2026, and in that window Perion can actively look for and consider a better offer from any other buyer that wants to bid.