We are advising Perion on the transaction

Davis Polk is advising Perion Network Ltd. on its approximately $420 million all-cash merger with Affle 3iL Ltd., a subsidiary of Affle International Pte. Ltd. The transaction is expected to close in early 2027, subject to customary closing conditions, including shareholder and regulatory approvals. Upon closing, Perion will become a wholly owned subsidiary of Affle and continue to operate under the Perion brand.

Perion is an advanced technology leader redefining advertising through AI-native infrastructure, delivering real-time media execution across connected TV (CTV), digital out-of-home, commerce and retail media, social and digital environments. Powered by Outmax, the company’s proprietary AI agent, Perion helps brands, agencies and retailers optimize spend and performance, driving measurable outcomes at scale.

Affle 3i Limited is a global technology company enabling verticalized AI-led consumer conversions for advertisers worldwide, powered by its differentiated CPCU business model across mobile, CTV and other agentic/autonomous intelligent connected devices. Its consumer platform enables advertisers to optimize targeting, personalize user engagement and maximize return on investment by combining proprietary data, audience intelligence and advanced agentic AI capabilities. Affle 3i Limited is listed on the National Stock Exchange of India and the Bombay Stock Exchange.

The Davis Polk corporate team includes partners Leonard Kreynin and Michael Kaplan and associate Narda Esther Vasquez Arancibia. Partner Jessica K. Delbaum, counsel Meytal McCoy and associates Amanda M. Griggs and Terrance X. Sun are providing antitrust and competition advice. Partner Ben Joseloff is providing foreign investment and national security advice. Partner Adam Kaminsky is providing executive compensation advice. Partner Corey M. Goodman is providing tax advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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