Perion Network Ltd. (PERI) stock hit a new 52-week high in Monday's premarket trading after the advertising technology company agreed to be acquired by Affle 3i Ltd. in an all-cash deal valued at approximately $420 million.

The companies announced the agreement Sunday, offering Perion shareholders $11.70 per share. The price represents a 34.5% premium to Perion's closing share price on Oct. 30.

Affle Acquisition Offers Shareholders 34.5% Premium

Perion's board unanimously approved the merger agreement. Once the transaction closes, Perion will become a wholly owned subsidiary of Affle and continue operating under its existing brand.

The acquisition will combine Affle's mobile advertising capabilities with Perion's presence in retail media, connected TV and digital out-of-home advertising.

Perion CEO Tal Jacobson said the deal would bring together complementary technologies and expand opportunities for advertisers, agencies and media owners.

Affle CEO Anuj Khanna Sohum said the acquisition would strengthen the company's artificial intelligence-powered advertising platform and expand its reach across global markets.

Deal Expected to Close in Early 2027

The companies expect to complete the transaction in early 2027, subject to shareholder approval, regulatory clearance and customary closing conditions.

The agreement includes a 40-day "go-shop" period through Dec. 11, allowing Perion to seek competing acquisition proposals.

Citibank is providing debt financing, although the transaction is not subject to a financing condition.

Perion reported $228.3 million in cash, short-term deposits and marketable securities as of Sept. 30. During the third quarter, it spent $26 million on share repurchases and $10.9 million to acquire PRN.

Following the acquisition, Perion shares will be delisted from the Nasdaq and Tel Aviv stock exchanges.

PERI Price Action

PERI Price Action: Perion Network shares were up 30.46% at $11.35 during premarket trading on Monday. The stock is trading at a new 52-week high, according to market data.