Perion Network Ltd. (NASDAQ: PERI), and Conduit Ltd. have announced an agreement to combine Conduit´s Client Connect business with Perion in an all-stock transaction, establishing Perion in the search distribution industry.
The newly combined Perion operation will represent more than 260,000 publisher and content partners.
Conduit will spin off its Client Connect business, which includes its monetisation and distribution platform for publishers and developers. Under the agreement, the spin-off company will be combined with Perion, which upon closing will issue to Conduit shareholders between 57-60 million shares, based on Perion´s fully diluted share count at closing. Following the closing, Perion will be owned 81% by the existing Conduit shareholders and option holders and 19% by existing Perion shareholders and option holders, on a fully diluted basis.
Conduit provides cloud-based solutions that empower web and mobile publishers to engage their users across multiple platforms.
Perion Network is a global consumer Internet company that develops applications to make the online experience of its users simple, safe and enjoyable. For more information on Perion visit http://www.perion.com.