{
  "title": "Affle to Acquire Perion for $420 Million in Cash",
  "publisher": "Acquiry Deal Intelligence",
  "author": "Joash Boyton",
  "url": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/",
  "published": "2026-11-04T21:20:15Z",
  "updated": "2026-11-04T21:20:15Z",
  "licence": "Free to reference with attribution to Acquiry Deal Intelligence and a link to the source URL.",
  "basisNote": "company-disclosed = stated in a company filing or company website; press-sourced = stated by a named news publication; calculated = Acquiry arithmetic on the sourced inputs, formula shown.",
  "rows": [
    {
      "dataset": "sourced-inputs",
      "id": "deal.announced",
      "label": "Announcement date",
      "value": "2026-11-01",
      "unit": "date",
      "display": "November 1, 2026",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326004939/exhibit_99-3.htm",
      "source_title": "Perion Network Ltd. via SEC, 1 November 2026",
      "evidence": "New York & Tel Aviv - November 1, 2026",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "deal.value",
      "label": "Equity value of Perion",
      "value": 420,
      "unit": "usd_m",
      "display": "$420 million",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326004939/exhibit_99-3.htm",
      "source_title": "Perion Network Ltd. via SEC, 1 November 2026",
      "evidence": "equity value for the Company of approximately $420 million",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "deal.cashPortion",
      "label": "Cash consideration (all-cash transaction)",
      "value": 420,
      "unit": "usd_m",
      "display": "$420 million",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326004939/exhibit_99-3.htm",
      "source_title": "Perion Network Ltd. via SEC, 1 November 2026",
      "evidence": "acquire the Company in an all-cash transaction",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "deal.perShare",
      "label": "Cash price per Perion ordinary share",
      "value": 11.7,
      "unit": "usd",
      "display": "$11.70",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326004939/exhibit_99-3.htm",
      "source_title": "Perion Network Ltd. via SEC, 1 November 2026",
      "evidence": "cash consideration of $11.70 per share",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "deal.premium",
      "label": "Premium to the closing share price on 30 October 2026",
      "value": 34.5,
      "unit": "pct",
      "display": "34.5%",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326004939/exhibit_99-3.htm",
      "source_title": "Perion Network Ltd. via SEC, 1 November 2026",
      "evidence": "a 34.5% premium to the Company’s closing share price on October 30, 2026",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "deal.goShopDays",
      "label": "Go-shop period",
      "value": 40,
      "unit": "count",
      "display": "40 days",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326004939/zk2636299.htm",
      "source_title": "Perion Network Ltd. via SEC, 2 November 2026",
      "evidence": "40-day “go-shop” provision",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "deal.goShopEnds",
      "label": "Go-shop expiry date",
      "value": "2026-12-11",
      "unit": "date",
      "display": "December 11, 2026",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326004939/exhibit_99-3.htm",
      "source_title": "Perion Network Ltd. via SEC, 1 November 2026",
      "evidence": "will expire at 11:59 PM local time in Israel on December 11, 2026",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "deal.terminationFee",
      "label": "Termination fee payable by Perion",
      "value": 14.7,
      "unit": "usd_m",
      "display": "US$ 14,700,000",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326004939/zk2636299.htm",
      "source_title": "Perion Network Ltd. via SEC, 2 November 2026",
      "evidence": "termination fee equal to US$ 14,700,000 in cash",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "deal.goShopFee",
      "label": "Termination fee if the competing agreement is signed during the go-shop",
      "value": 10.5,
      "unit": "usd_m",
      "display": "US$ 10,500,000",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326004939/zk2636299.htm",
      "source_title": "Perion Network Ltd. via SEC, 2 November 2026",
      "evidence": "the termination fee will be US$ 10,500,000",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "deal.outsideDays",
      "label": "Outside date, days after the agreement date",
      "value": 180,
      "unit": "count",
      "display": "180 days",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326004939/zk2636299.htm",
      "source_title": "Perion Network Ltd. via SEC, 2 November 2026",
      "evidence": "180 days after the date of the Merger Agreement",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "deal.statutoryDays",
      "label": "Israeli statutory waiting period after the merger proposal is filed (at least)",
      "value": 50,
      "unit": "count",
      "display": "50 days",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326004939/zk2636299.htm",
      "source_title": "Perion Network Ltd. via SEC, 2 November 2026",
      "evidence": "at least 50 days following the filing of a merger proposal",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "target.founded",
      "label": "Perion incorporated",
      "value": 1999,
      "unit": "year",
      "display": "November 1999",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326000927/zk2634522.htm",
      "source_title": "Perion Network Ltd. via SEC, 16 March 2026",
      "evidence": "We were incorporated in the State of Israel in November 1999",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "target.employees",
      "label": "Perion employees",
      "value": 600,
      "unit": "count",
      "display": "~600 employees",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://affle.com/hubfs/affle-investor-relation/financial-details/other-announcements/2026/Acquisition-of-Perion-Network-Ltd.pdf",
      "source_title": "Affle 3i Limited (BSE and NSE filing), 1 November 2026",
      "evidence": "workforce expansion (~600 employees)",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "target.employees2025",
      "label": "Perion employees at 31 December 2025",
      "value": 511,
      "unit": "count",
      "display": "511 employees",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326000927/zk2634522.htm",
      "source_title": "Perion Network Ltd. via SEC, 16 March 2026",
      "evidence": "we had 511 employees globally",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "target.revenue",
      "label": "Perion revenue, calendar 2025",
      "value": 439.9,
      "unit": "usd_m",
      "display": "$439.9 million",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://affle.com/hubfs/affle-investor-relation/financial-details/other-announcements/2026/Acquisition-of-Perion-Network-Ltd.pdf",
      "source_title": "Affle 3i Limited (BSE and NSE filing), 1 November 2026",
      "evidence": "2025 439.9 -7.9",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "target.revenuePrior",
      "label": "Perion revenue, calendar 2024",
      "value": 498.3,
      "unit": "usd_m",
      "display": "$498.3 million",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://affle.com/hubfs/affle-investor-relation/financial-details/other-announcements/2026/Acquisition-of-Perion-Network-Ltd.pdf",
      "source_title": "Affle 3i Limited (BSE and NSE filing), 1 November 2026",
      "evidence": "2024 498.3 12.6",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "target.revenue2023",
      "label": "Perion revenue, calendar 2023",
      "value": 743.2,
      "unit": "usd_m",
      "display": "$743.2 million",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://affle.com/hubfs/affle-investor-relation/financial-details/other-announcements/2026/Acquisition-of-Perion-Network-Ltd.pdf",
      "source_title": "Affle 3i Limited (BSE and NSE filing), 1 November 2026",
      "evidence": "2023 743.2 115.0",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "target.cash",
      "label": "Perion cash, short-term deposits and marketable securities",
      "value": 228.3,
      "unit": "usd_m",
      "display": "$228.3 million",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326004939/exhibit_99-3.htm",
      "source_title": "Perion Network Ltd. via SEC, 1 November 2026",
      "evidence": "marketable securities, of $228.3 million",
      "as_at": "2026-09-30",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "target.q2Revenue",
      "label": "Perion total revenue, second quarter 2026",
      "value": 98.2,
      "unit": "usd_m",
      "display": "$98.2 million",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326003973/exhibit_99-1.htm",
      "source_title": "Perion Network Ltd. via SEC (Form 6-K, Exhibit 99.1), 10 August 2026",
      "evidence": "Total revenue of $98.2 million",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "target.q2ContributionExTac",
      "label": "Perion Contribution ex-TAC, second quarter 2026",
      "value": 42.3,
      "unit": "usd_m",
      "display": "$42.3 million",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326003973/exhibit_99-1.htm",
      "source_title": "Perion Network Ltd. via SEC (Form 6-K, Exhibit 99.1), 10 August 2026",
      "evidence": "Total contribution ex-TAC of $42.3 million",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "target.q2AdjEbitda",
      "label": "Perion Adjusted EBITDA, second quarter 2026",
      "value": 2.8,
      "unit": "usd_m",
      "display": "$2.8 million",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326003973/exhibit_99-1.htm",
      "source_title": "Perion Network Ltd. via SEC (Form 6-K, Exhibit 99.1), 10 August 2026",
      "evidence": "Adjusted EBITDA of $2.8 million",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "target.perionOneSpend",
      "label": "Perion One spend, second quarter 2026",
      "value": 156.7,
      "unit": "usd_m",
      "display": "$156.7 million",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326003973/exhibit_99-1.htm",
      "source_title": "Perion Network Ltd. via SEC (Form 6-K, Exhibit 99.1), 10 August 2026",
      "evidence": "spend increased 15% YoY to $156.7 million",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "target.weightedShares",
      "label": "Perion weighted average basic shares, second quarter 2026",
      "value": 36.99,
      "unit": "shares_m",
      "display": "36,990,655",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326003973/exhibit_99-1.htm",
      "source_title": "Perion Network Ltd. via SEC (Form 6-K, Exhibit 99.1), 10 August 2026",
      "evidence": "Basic 36,990,655",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "target.prnPrice",
      "label": "PRN acquisition price (up to)",
      "value": 12,
      "unit": "usd_m",
      "display": "$12 million",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326004252/exhibit_99-1.htm",
      "source_title": "Perion Network Ltd. via SEC (Form 6-K, Exhibit 99.1), 26 August 2026",
      "evidence": "The transaction amount is up to $12 million",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "acquirer.runRate2028",
      "label": "Affle fiscal 2028 revenue run rate after the acquisition (over)",
      "value": 700,
      "unit": "usd_m",
      "display": "over US$ 700 Mn",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "https://affle.com/hubfs/affle-investor-relation/financial-details/other-announcements/2026/Acquisition-of-Perion-Network-Ltd.pdf",
      "source_title": "Affle 3i Limited (BSE and NSE filing), 1 November 2026",
      "evidence": "FY2028 revenue run rate of over US$ 700 Mn",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "acquirer.revenueGrowth",
      "label": "Affle revenue growth, fiscal 2026",
      "value": 19.5,
      "unit": "pct",
      "display": "19.5%",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://3426102.fs1.hubspotusercontent-na1.net/hubfs/3426102/affle-investor-relation/financial-details/fy2026/q4/Earnings_Press_Release.pdf",
      "source_title": "Affle 3i Limited, 9 May 2026",
      "evidence": "an increase of 19.5% y-o-y",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "sourced-inputs",
      "id": "acquirer.ebitdaMargin",
      "label": "Affle EBITDA margin, fiscal 2026",
      "value": 22.5,
      "unit": "pct",
      "display": "22.5%",
      "basis": "press-sourced",
      "formula": "",
      "inputs": "",
      "source": "https://3426102.fs1.hubspotusercontent-na1.net/hubfs/3426102/affle-investor-relation/financial-details/fy2026/q4/Earnings_Press_Release.pdf",
      "source_title": "Affle 3i Limited, 9 May 2026",
      "evidence": "EBITDA margin stood at 22.5%",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#deal-data"
    },
    {
      "dataset": "calculations",
      "id": "revenue-multiple",
      "label": "Price-to-revenue multiple",
      "value": 0.9548,
      "unit": "x",
      "display": "0.95x",
      "basis": "calculated",
      "formula": "Transaction value ÷ target revenue",
      "inputs": "deal.value | target.revenue",
      "source": "",
      "source_title": "",
      "evidence": "The standard comparable for pricing against other deals in the sector.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#calc-revenue-multiple"
    },
    {
      "dataset": "calculations",
      "id": "revenue-growth",
      "label": "Target revenue growth, year on year",
      "value": -11.7198,
      "unit": "pct",
      "display": "-11.7%",
      "basis": "calculated",
      "formula": "(Latest revenue ÷ prior-year revenue − 1) × 100",
      "inputs": "target.revenue | target.revenuePrior",
      "source": "",
      "source_title": "",
      "evidence": "Growth is what the multiple is paying for.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#calc-revenue-growth"
    },
    {
      "dataset": "calculations",
      "id": "value-per-employee",
      "label": "Price per target employee",
      "value": 700000,
      "unit": "usd",
      "display": "$700,000",
      "basis": "calculated",
      "formula": "Transaction value ÷ target employees",
      "inputs": "deal.value | target.employees",
      "source": "",
      "source_title": "",
      "evidence": "A talent-density measure that travels across private deals with no revenue data.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#calc-value-per-employee"
    },
    {
      "dataset": "calculations",
      "id": "years-to-exit",
      "label": "Years from founding to announcement",
      "value": 27,
      "unit": "year",
      "display": "27 years",
      "basis": "calculated",
      "formula": "Announcement year − founding year",
      "inputs": "target.founded | deal.announced",
      "source": "",
      "source_title": "",
      "evidence": "Time to outcome for founders and early investors.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#calc-years-to-exit"
    },
    {
      "dataset": "calculations",
      "id": "cash-mix",
      "label": "Cash share of consideration",
      "value": 100,
      "unit": "pct",
      "display": "100%",
      "basis": "calculated",
      "formula": "Cash consideration ÷ transaction value × 100",
      "inputs": "deal.cashPortion | deal.value",
      "source": "",
      "source_title": "",
      "evidence": "Certainty of value for the sellers.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#calc-cash-mix"
    },
    {
      "dataset": "calculations",
      "id": "implied-shares",
      "label": "Perion shares covered by the equity value",
      "value": 35.8974,
      "unit": "shares_m",
      "display": "35.9m shares",
      "basis": "calculated",
      "formula": "Equity value of Perion ÷ Cash price per Perion ordinary share",
      "inputs": "deal.value | deal.perShare",
      "source": "",
      "source_title": "",
      "evidence": "Equity value divided by the per-share price gives the share count, including continuing equity awards, behind the headline figure.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#calc-implied-shares"
    },
    {
      "dataset": "calculations",
      "id": "cash-share-of-value",
      "label": "Perion cash as a share of the equity value",
      "value": 54.3571,
      "unit": "pct",
      "display": "54.4%",
      "basis": "calculated",
      "formula": "Perion cash, short-term deposits and marketable securities ÷ Equity value of Perion × 100",
      "inputs": "target.cash | deal.value",
      "source": "",
      "source_title": "",
      "evidence": "Shows how much of the price is matched by cash and investments already on Perion’s balance sheet.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#calc-cash-share-of-value"
    },
    {
      "dataset": "calculations",
      "id": "value-net-of-cash",
      "label": "Equity value net of Perion cash and investments",
      "value": 191.7,
      "unit": "usd_m",
      "display": "$191.7m",
      "basis": "calculated",
      "formula": "Equity value of Perion − Perion cash, short-term deposits and marketable securities",
      "inputs": "deal.value | target.cash",
      "source": "",
      "source_title": "",
      "evidence": "The price of Perion’s operating business once its cash and investments are set aside.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#calc-value-net-of-cash"
    },
    {
      "dataset": "calculations",
      "id": "fee-share-of-value",
      "label": "Standard termination fee as a share of the equity value",
      "value": 3.5,
      "unit": "pct",
      "display": "3.5%",
      "basis": "calculated",
      "formula": "Termination fee payable by Perion ÷ Equity value of Perion × 100",
      "inputs": "deal.terminationFee | deal.value",
      "source": "",
      "source_title": "",
      "evidence": "Lets readers compare the deal-protection fee with other public-company transactions.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#calc-fee-share-of-value"
    },
    {
      "dataset": "calculations",
      "id": "go-shop-fee-share",
      "label": "Go-shop termination fee as a share of the equity value",
      "value": 2.5,
      "unit": "pct",
      "display": "2.5%",
      "basis": "calculated",
      "formula": "Termination fee if the competing agreement is signed during the go-shop ÷ Equity value of Perion × 100",
      "inputs": "deal.goShopFee | deal.value",
      "source": "",
      "source_title": "",
      "evidence": "Shows the lower fee that applies if a competing agreement is signed during the go-shop.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#calc-go-shop-fee-share"
    },
    {
      "dataset": "calculations",
      "id": "revenue-change-two-years",
      "label": "Perion revenue change, calendar 2023 to 2025",
      "value": -40.81,
      "unit": "pct",
      "display": "-40.8%",
      "basis": "calculated",
      "formula": "(Perion revenue, calendar 2025 ÷ Perion revenue, calendar 2023 − 1) × 100",
      "inputs": "target.revenue | target.revenue2023",
      "source": "",
      "source_title": "",
      "evidence": "The two-year change in the revenue base that the price is set against.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#calc-revenue-change-two-years"
    },
    {
      "dataset": "calculations",
      "id": "q2-ebitda-share",
      "label": "Adjusted EBITDA as a share of revenue, second quarter 2026",
      "value": 2.8513,
      "unit": "pct",
      "display": "2.85%",
      "basis": "calculated",
      "formula": "Perion Adjusted EBITDA, second quarter 2026 ÷ Perion total revenue, second quarter 2026 × 100",
      "inputs": "target.q2AdjEbitda | target.q2Revenue",
      "source": "",
      "source_title": "",
      "evidence": "Perion’s stated profitability in the latest quarter before the agreement.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#calc-q2-ebitda-share"
    },
    {
      "dataset": "calculations",
      "id": "q2-ex-tac-share",
      "label": "Contribution ex-TAC as a share of revenue, second quarter 2026",
      "value": 43.0754,
      "unit": "pct",
      "display": "43.1%",
      "basis": "calculated",
      "formula": "Perion Contribution ex-TAC, second quarter 2026 ÷ Perion total revenue, second quarter 2026 × 100",
      "inputs": "target.q2ContributionExTac | target.q2Revenue",
      "source": "",
      "source_title": "",
      "evidence": "The share of revenue that remains after traffic acquisition costs and media buy.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#calc-q2-ex-tac-share"
    },
    {
      "dataset": "calculations",
      "id": "employee-change",
      "label": "Perion employee count, Affle figure against 31 December 2025",
      "value": 17.4168,
      "unit": "pct",
      "display": "17.4%",
      "basis": "calculated",
      "formula": "(Perion employees ÷ Perion employees at 31 December 2025 − 1) × 100",
      "inputs": "target.employees | target.employees2025",
      "source": "",
      "source_title": "",
      "evidence": "Compares the approximate workforce Affle cites with the year-end figure in Perion’s annual report.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/#calc-employee-change"
    },
    {
      "dataset": "key-figures",
      "id": "key-figure-1",
      "label": "Equity value",
      "value": "$420 million",
      "unit": "",
      "display": "$420 million",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Stated in the Perion and Affle announcements of 1 November 2026.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/"
    },
    {
      "dataset": "key-figures",
      "id": "key-figure-2",
      "label": "Price per share",
      "value": "$11.70",
      "unit": "",
      "display": "$11.70",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Cash for each Perion ordinary share.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/"
    },
    {
      "dataset": "key-figures",
      "id": "key-figure-3",
      "label": "Premium",
      "value": "34.5%",
      "unit": "",
      "display": "34.5%",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "To the closing share price on 30 October 2026.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/"
    },
    {
      "dataset": "key-figures",
      "id": "key-figure-4",
      "label": "Termination fee",
      "value": "US$14,700,000",
      "unit": "",
      "display": "US$14,700,000",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "US$10,500,000 during the go-shop.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/"
    },
    {
      "dataset": "key-figures",
      "id": "key-figure-5",
      "label": "Perion revenue, calendar 2025",
      "value": "$439.9 million",
      "unit": "",
      "display": "$439.9 million",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "As presented in Affle’s Regulation 30 filing.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/"
    },
    {
      "dataset": "key-figures",
      "id": "key-figure-6",
      "label": "Perion cash",
      "value": "$228.3 million",
      "unit": "",
      "display": "$228.3 million",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "At 30 September 2026.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/"
    },
    {
      "dataset": "key-facts",
      "id": "key-fact-1",
      "label": "Equity value",
      "value": "$420 million",
      "unit": "",
      "display": "$420 million",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Approximately, for 100% of Perion’s shares, in the announcements of 1 November 2026.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/"
    },
    {
      "dataset": "key-facts",
      "id": "key-fact-2",
      "label": "Consideration",
      "value": "All cash, $11.70 per share",
      "unit": "",
      "display": "All cash, $11.70 per share",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Each Perion ordinary share converts into $11.70 in cash.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/"
    },
    {
      "dataset": "key-facts",
      "id": "key-fact-3",
      "label": "Premium",
      "value": "34.5%",
      "unit": "",
      "display": "34.5%",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "To Perion’s closing share price on 30 October 2026, the last trading day before signing.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/"
    },
    {
      "dataset": "key-facts",
      "id": "key-fact-4",
      "label": "Go-shop",
      "value": "40 days, to 11 December 2026",
      "unit": "",
      "display": "40 days, to 11 December 2026",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Perion and its financial advisor can solicit alternative proposals.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/"
    },
    {
      "dataset": "key-facts",
      "id": "key-fact-5",
      "label": "Termination fee",
      "value": "US$14,700,000",
      "unit": "",
      "display": "US$14,700,000",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "US$10,500,000 if the competing agreement is entered into during the go-shop.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/"
    },
    {
      "dataset": "key-facts",
      "id": "key-fact-6",
      "label": "Perion cash",
      "value": "$228.3 million",
      "unit": "",
      "display": "$228.3 million",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Cash and equivalents, deposits and marketable securities at 30 September 2026.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/"
    },
    {
      "dataset": "key-facts",
      "id": "key-fact-7",
      "label": "Financing",
      "value": "Citibank debt commitment",
      "unit": "",
      "display": "Citibank debt commitment",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "The transaction is not subject to a financing condition.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/"
    },
    {
      "dataset": "key-facts",
      "id": "key-fact-8",
      "label": "Expected close",
      "value": "Early 2027",
      "unit": "",
      "display": "Early 2027",
      "basis": "company-disclosed",
      "formula": "",
      "inputs": "",
      "source": "",
      "source_title": "",
      "evidence": "Subject to Perion shareholder approval and Hart-Scott-Rodino clearance.",
      "as_at": "",
      "permalink": "https://www.acquiry.com/deal-intelligence/affle-to-acquire-perion-for-420-million/"
    }
  ],
  "sources": [
    {
      "id": "s1",
      "title": "Form 6-K: Entry into Merger Agreement (Perion Network Ltd.)",
      "href": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326004939/zk2636299.htm",
      "publisher": "Perion Network Ltd. via SEC",
      "date": "2 November 2026",
      "isoDate": "2026-11-02",
      "kind": "SEC filing"
    },
    {
      "id": "s2",
      "title": "Perion Enters into Definitive Merger Agreement with Affle (Exhibit 99.3)",
      "href": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326004939/exhibit_99-3.htm",
      "publisher": "Perion Network Ltd. via SEC",
      "date": "1 November 2026",
      "isoDate": "2026-11-01",
      "kind": "Press release"
    },
    {
      "id": "s3",
      "title": "Affle to acquire Perion, to scale its CPCU business across Developed markets (Regulation 30 intimation)",
      "href": "https://affle.com/hubfs/affle-investor-relation/financial-details/other-announcements/2026/Acquisition-of-Perion-Network-Ltd.pdf",
      "publisher": "Affle 3i Limited (BSE and NSE filing)",
      "date": "1 November 2026",
      "isoDate": "2026-11-01",
      "kind": "Exchange filing"
    },
    {
      "id": "s4",
      "title": "Affle reports robust performance for Q4 & 12M FY2026",
      "href": "https://3426102.fs1.hubspotusercontent-na1.net/hubfs/3426102/affle-investor-relation/financial-details/fy2026/q4/Earnings_Press_Release.pdf",
      "publisher": "Affle 3i Limited",
      "date": "9 May 2026",
      "isoDate": "2026-05-09",
      "kind": "Results release"
    },
    {
      "id": "s5",
      "title": "Perion Reports Second Quarter 2026 Results",
      "href": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326003973/exhibit_99-1.htm",
      "publisher": "Perion Network Ltd. via SEC (Form 6-K, Exhibit 99.1)",
      "date": "10 August 2026",
      "isoDate": "2026-08-10",
      "kind": "SEC filing"
    },
    {
      "id": "s6",
      "title": "Perion Acquires PRN, a Leading In-Store Retail Media Company",
      "href": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326004252/exhibit_99-1.htm",
      "publisher": "Perion Network Ltd. via SEC (Form 6-K, Exhibit 99.1)",
      "date": "26 August 2026",
      "isoDate": "2026-08-26",
      "kind": "SEC filing"
    },
    {
      "id": "s7",
      "title": "Annual Report on Form 20-F for the year ended 31 December 2025",
      "href": "https://www.sec.gov/Archives/edgar/data/1338940/000117891326000927/zk2634522.htm",
      "publisher": "Perion Network Ltd. via SEC",
      "date": "16 March 2026",
      "isoDate": "2026-03-16",
      "kind": "SEC filing"
    }
  ]
}