Affle Targets Global Ad Growth With $420 Million Perion Acquisition

Affle is expanding its advertising technology business with an agreement to acquire Perion Network in an all-cash deal valued at approximately US$420 million. The transaction gives Affle access to Perion’s advertising channels across retail media, connected TV and digital out-of-home advertising, while extending its reach across developed markets.

Affle 3iL Ltd., the Israel-based step-down subsidiary of Affle 3i Limited, signed the definitive agreement to acquire 100% of Perion’s issued and outstanding shares. Perion announced the deal on November 1, 2026. Affle will pay US$11.70 per share, a 34.5% premium to Perion’s closing share price on October 30, 2026, the last trading day before the agreement was executed.

How the Perion Deal Will Work

The acquisition will take place through a reverse triangular merger. Under that structure, a wholly owned Affle subsidiary will merge with and into Perion, while Perion continues as a wholly owned subsidiary of Affle.

The agreement covers Perion’s issued and outstanding shares, including unvested equity awards according to their vesting schedule. Debt financing is being provided by Citibank, and the transaction is not subject to a financing condition. Affle said it plans to fund the purchase through a combination of committed bank financing and available cash resources.

Perion holds dual listings on Nasdaq and the Tel Aviv Stock Exchange. Once the transaction closes, the company’s ordinary shares will be delisted from both exchanges, while the business will continue operating under the Perion brand.

Perion is headquartered in Tel Aviv and operates with its subsidiaries mainly across the United States, Canada, Israel and Europe. The company has completed three acquisitions over the last three years and brought those segments together under its Perion One platform.

A Wider Advertising Platform

Affle said the acquisition is designed to scale its cost-per-converted-user, or CPCU, business across developed markets. The company’s mobile marketing and AI-powered consumer conversion business will be paired with Perion’s presence in upper-funnel digital advertising channels.

That combination covers more stages of the consumer journey. Retail media can connect advertising with shopping activity, connected TV can reach viewers through television platforms, and digital out-of-home advertising can reach audiences in public spaces. Affle said the combined business would operate as a global omnichannel platform serving thousands of advertisers across diversified industry verticals in more than 100 countries.

The deal would also expand Affle’s workforce in developed markets by roughly 600 employees. Anuj Khanna Sohum, Affle’s chairperson, managing director and chief executive officer, called the transaction “an important step in strengthening our CPCU business across Developed Markets and advancing our 10X decadal growth vision.” He said combining Affle’s mobile marketing business with Perion’s retail media, connected TV and digital out-of-home channels would create synergies across the omnichannel consumer journey.

Perion CEO Tal Jacobson described the agreement as an important milestone for a company that has transformed into a differentiated advertising technology business built around its Perion One platform and Outmax AI agent. Eyal Kaplan, chairman of Perion’s board, said the proposed transaction offers compelling value and greater financial certainty for Perion’s shareholders.

Other Advertising and Technology Moves

Elsewhere in the advertising technology market, NielsenIQ and Google announced a broad collaboration focused on agentic commerce. The partnership aims to combine NIQ’s global retail and product intelligence with Google’s AI commerce ecosystem to improve product discovery and local availability.

Google’s Shopping Graph contains more than 60 billion product listings, while NIQ brings Commerce Intelligence based on Product Intelligence covering more than 250 million products. NIQ also tracks retail store locations and sales across 90 countries, giving the partnership data on both product information and local availability.

NIQ is naming Google Cloud as a primary AI and cloud services provider and plans to deploy Gemini for business across its global workforce. The collaboration spans enterprise scale and speed, commerce innovation, and measurement and return-on-investment. NIQ is also integrating Google’s open-source marketing model mix framework, Meridian, into the NIQ Cadence platform.

With Meridian, brands can feed real-world purchase data into their models and run location-based experiments through Meridian GeoX. The goal is to help advertisers understand the consumer purchase journey, test which channels deliver the best results, and optimize additional ad spending in real time.

“Agentic commerce is changing how consumers discover and buy products, but for it to work at scale, we have to work together as an industry,” said Jim Peck, executive chairman and chief executive officer of NIQ. Ashish Gupta, VP/GM Merchant Shopping at Google, said autonomous agents are only as reliable as the data behind them.

In another technology transaction, THEON International Plc received all required approvals and finalized the preparatory steps for acquiring an 80% stake in MERIO. That acquisition is now underway, and cooperation between THEON and MERIO had already begun. Following THEON’s usual integration process, MERIO’s management team and key employees will remain in the business.

Schall, Brown & Schwartz LLP, a national shareholder rights litigation firm, also announced an investigation into claims on behalf of investors in Twilio Inc.

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