Affle offers $420 million for Perion. More than half was already on its balance sheet

A premium, and a large cash reserve

Affle has agreed to acquire advertising-technology company Perion for $11.70 a share in cash, valuing its equity at about $420 million. The November 1 agreement offers shareholders a 34.5% premium to Perion’s October 30 closing price, but the company can still seek a higher bid.perion

One striking detail: Perion reported $228.3 million in cash, short-term deposits and marketable securities as of September 30—about 54% of the announced equity value. The figures are from different dates, and subtracting the cash alone does not account for liabilities or establish the final net cost of the acquisition.perion +1

A business remade after a search setback

Perion’s revenue fell from $743.2 million in 2023 to $439.9 million in 2025, according to its reported results. It posted a $7.9 million net loss in 2025, compared with a $12.6 million profit the year before.storyboard18

The company disclosed that changes to Microsoft’s search advertising pricing and the exclusion of some publishers from its distribution marketplace hurt Perion’s search activity in 2024. Microsoft’s agreement accounted for 34% of Perion’s revenue in 2023, according to its annual filing.sec

More recently, Perion has expanded beyond search into advertising on connected TVs, retail screens and digital billboards. In the second quarter of 2026, its revenue fell 5% to $98.2 million and its net loss widened to $6.8 million, even as spending through its platform grew in several of those channels.perion

Why Affle wants the deal

India-listed Affle specializes in mobile advertising tied to user conversions. It says Perion would extend its reach into developed markets and add connected-TV and retail advertising capabilities. Affle plans to review Perion’s contracts and shift its business toward a cost-per-converted-user model; it expects the acquisition to add to earnings per share by the end of the first year after closing, a forecast rather than a guarantee.cnbctv18

Citibank is providing debt financing, but the agreement is not contingent on financing. Affle also plans to use available cash, according to CNBC-TV18.perion +1

A window for another bidder

Perion and its adviser can actively solicit alternatives until December 11, under a 40-day “go-shop” provision. A better offer is not assured. The companies expect to close in early 2027, subject to shareholder approval, antitrust review and other conditions; Perion would keep its brand but leave the Nasdaq and Tel Aviv exchanges if the sale closes.perion +1