Affle agrees to buy ad tech firm Perion for $420m.
Indian mobile advertising group Affle has agreed to buy Perion, an ad tech company focused on connected TV, digital out-of-home and retail media, for $11.70 a share in cash. That values Perion at about $420m, a 34.5% premium.
The merger agreement is dated 1 November, and Perion announced it the same day. The buyer is Affle 3iL, a subsidiary of Affle International. Perion's board approved the deal unanimously, and Perion will keep its brand as a wholly owned subsidiary. The agreement includes a 40-day "go-shop" period in which Perion can seek better offers. PPC Land reports that closing is expected in early 2027, subject to a shareholder vote and US antitrust clearance, with Citibank providing debt financing.
The premium is measured against Perion's 30 October closing price. Adweek calls the price relatively cheap for a company once worth far more. Perion held about $228m in cash and investments at 30 September, so Affle is paying roughly $192m for the operating business, about 3.7 times Perion's forecast 2026 adjusted EBITDA, by Adweek's calculation. Perion bought DOOH platform Hivestack in 2023 and video firm Vidazoo in 2021 as it moved away from search and the open web.
The logic, according to the companies, is to join Affle's mobile performance business with Perion's upper-funnel CTV, DOOH and retail media tools, so that advertisers can link screen exposure to sales. Adweek places the deal in a run of 2026 consolidation that includes Publicis buying LiveRamp and Nielsen agreeing to take DoubleVerify private.
For Gulf media owners and buyers that trade CTV or digital screens through Perion's tools, including Hivestack, watch for changes to product roadmaps and pricing once the deal closes, and for whether a rival bidder appears during the go-shop.
Why it matters
Another mid-sized ad tech firm is being absorbed, at a price Adweek calls cheap. Buyers of Perion's CTV and DOOH tools should expect changes if it closes in 2027.
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