Affle Agrees to Buy Perion Network for $420M
The Indian ad-tech firm will pay $11.70 per share, a 34.5% premium, to acquire the Israeli company, which is being delisted from Nasdaq and the TASE.
Updated on Nov. 1, 2026 in Advertising
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Affle, an Indian digital advertising company, has agreed to acquire Perion Network, an Israeli ad-tech company listed on Nasdaq and the Tel Aviv Stock Exchange, in a deal valued at $420 million. Affle will pay $11.70 per Perion share in cash, a 34.5% premium over Perion's Friday closing price on Wall Street.
Why it matters
Perion's value has fallen 82% since April 2023, and its revenue from Bing will account for less than 5% of total revenue in the second half of the year after Microsoft changed Bing advertising pricing and removed publishers from its distribution network. The deal gives Perion a buyer as its business has been weakened by those changes.
Affle will pay $11.70 per share, a 34.5% premium over Perion's Friday Wall Street close, for a total deal value of $420 million. Perion's market cap has fallen to about $360 million (NIS 1.05 billion) from NIS 7 billion in April 2023, and the stub does not address regulatory approval timing beyond the expected early 2027 close.
The players
Affle
An Indian digital advertising company that agreed to acquire Perion Network for $420 million.
Perion Network
An Israeli ad-tech company listed on Nasdaq and the Tel Aviv Stock Exchange, whose value has fallen sharply since 2023.
Microsoft
The technology company that changed Bing advertising pricing and removed publishers from its distribution network, affecting Perion's business.
The details
The companies signed a definitive agreement under which Perion will be delisted from both Nasdaq and the TASE after the transaction completes. Perion's decline followed Microsoft's February change to Bing advertising pricing for distribution partners and its June removal of several publishers, some of whom worked with Perion.
Timeline
April 2023: Perion's market cap stood at NIS 7 billion.
February 2026: Microsoft altered Bing advertising pricing for distribution partners.
June 2026: Microsoft removed several publishers from its distribution network, and Perion cut guidance.
November 1, 2026: Affle's acquisition of Perion was announced.
Early 2027: The acquisition is expected to be completed.
Market Landscape
The acquisition follows Microsoft's 2026 changes to Bing advertising pricing and publisher distribution, which cut sharply into the revenue of ad-tech firms that depended on its network. Perion's market value dropping 82% since April 2023 shows how a single platform's policy shift can reshape the competitive position of smaller companies in the search advertising sector.
Perion shareholders will receive $11.70 per share in cash, a 34.5% premium over Friday's Wall Street close, if the deal completes. Advertisers and publishers that rely on Bing distribution should expect continued pricing and network changes to affect the ad-tech vendors serving them.
The takeaway
Platform pricing decisions can rapidly reduce the value of companies that depend on a single distribution partner, as Perion's 82% decline since 2023 illustrates. Businesses in ad-tech should diversify their revenue sources to limit exposure to changes like Microsoft's Bing adjustments.
What happens next
The acquisition is expected to close in early 2027, at which point Perion will be delisted from Nasdaq and the TASE.
Further reading
For broader context on how platform policy changes shape the ad industry, explore Advertising.
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