Perion Network Ltd. entered into a merger agreement with Affle 3IL Ltd., under which Perion will be merged into a subsidiary of Affle and become a wholly owned subsidiary. Each outstanding ordinary share of Perion will receive US$11.70 in cash, subject to applicable tax withholdings. The transaction requires approval by Perion's shareholders and satisfaction of customary closing conditions, including regulatory clearances such as Hart-Scott-Rodino expiration. Affle has secured financing commitments to fund the acquisition. Following the merger, Perion shares will be delisted from Nasdaq and the Tel Aviv Stock Exchange. Perion Network Ltd. operates in the digital advertising technology industry.
