Perion Exits Nasdaq in $420M Sale to India’s Affle as Open-Web Squeeze Continues
Under the terms of the arrangement, expected to close next year, Perion, which has traded on the Nasdaq since 2006, will become a subsidiary of Affle’s Israeli operation Affle 3iL Ltd, and will come off the exchange and the Tel Aviv exchange, where it also traded. The combined company will still trade on the public National Stock Exchange of India.
The acquisition is backed by debt financing from Citibank, and will require shareholder and U.S. antitrust approval. Terms also include a 40-day ‘go-shop’ period during which Perion can solicit rival offers.
Perion shares were up 31% Monday, to around $11.42, following the announcement.
