Affle 3i Ltd has signed a definitive agreement to acquire Israel-based Perion Network for approximately US$ 420 million. The all-cash transaction will see Perion become a wholly-owned subsidiary and delist from NASDAQ and TASE by early 2027. This move is designed to scale Affle's CPCU business model into developed markets like the USA and Europe, with management expecting the deal to be EPS-accretive within a year of closing.
Affle 3i Set to Acquire Perion Network for $420 Million
Affle 3i Ltd, through its subsidiary, has agreed to acquire 100% of Perion Network Ltd in an all-cash deal valued at US$ 420 million.
Reader Takeaway: The deal scales Affle's global mobile marketing reach but adds integration risk as it absorbs a loss-making firm.
What just happened
Affle 3iL Ltd has signed a definitive merger agreement to take over Israel-based Perion Network. Shareholders of Perion will receive US$ 11.70 per share. The transaction is expected to close in early 2027, following which Perion will be delisted from NASDAQ and TASE. Affle plans to finance the acquisition using a mix of bank loans and internal cash reserves.
Why this matters
This is a major expansion for Affle, moving its 'Cost Per Converted User' (CPCU) model into developed markets such as the USA, Canada, and Europe. By integrating Perion's expertise in Retail Media, Connected TV (CTV), and Digital Out-of-Home (DOOH) advertising, Affle aims to enhance its global advertising footprint and drive synergies under its '10X decadal growth vision.'
Financial Context
Perion reported revenue of US$ 439.9 million in 2025, down from US$ 743.2 million in 2023. The target company posted a loss of US$ 7.9 million in 2025 compared to a profit of US$ 115 million in 2023. Perion remains debt-free with a cash balance of approximately US$ 228 million as of September 30, 2026.
Risks to watch
Investors should track the integration process and the actual realization of synergies. Perion’s recent shift from profitability to loss indicates the need for a successful business model transformation to ensure the acquisition becomes EPS-accretive within the anticipated one-year timeframe.
What to track next
The primary focus will be the regulatory approval process in the respective jurisdictions and the progress toward the 2027 closing date. Integration updates and any changes to Affle’s debt profile resulting from the bank financing will be critical for investors.