Perion to be acquired by India’s Affle for $420 million, marking a steep fall for a once-billion-dollar Israeli company...

Perion, an Israeli adtech company, has agreed to an all-cash acquisition by India’s Affle valued at $420 million. The deal comes despite the firm holding $228 million in cash, deposits and marketable securities.

Perion’s shares will be delisted from both Nasdaq and the Tel Aviv Stock Exchange following the transaction, which values the company at a fraction of its peak three years earlier.