Affle 3i to buy Perion for $420 million in all-cash deal

(AFFLE) is in focus on November 2 after agreeing to buy Nasdaq-listed Perion Network for $11.70 per share in cash, valuing Perion’s equity at about $420 million. The price is a 34.5% premium to Perion’s October 30 close. The deal should close in early 2027, and Affle says it will stay net debt-free. Perion has a 40-day go-shop window until December 11 to look for a higher offer. The deal is cheaper than the headline suggests. Perion holds $228.3 million in cash with no debt, so Affle is paying roughly $192 million for the business itself. That is under 4 times Perion’s 2026 EBITDA guidance of $51–53 million. The deal also adds connected TV and retail media reach in developed markets. Perion is cheap for a reason. Revenue grew just 1% in Q1 2026, and traffic acquisition costs take 56–57% of revenue. Integrating an Israeli business adds execution risk, and the deal is not final until the go-shop ends. Investors should watch the go-shop outcome, approvals, funding and Perion’s margins under Affle. The key question is whether Affle can turn a slow, low-margin business into a growth driver. Disclosure: I do not hold any position in Affle 3i Limited. This post is for informational purposes only and is not investment advice.