In today’s Digest, we cover Affle agreeing to acquire Perion in a USD$420m all-cash deal, DoorDash making a USD$17bn offer for Instacart in a grocery delivery mega-deal, and Alphabet shares falling 13% in a record USD$500bn rout as AI spending and search concerns weigh on the company.

Affle to Buy Perion for $420m

Perion Network has agreed to be acquired by Affle in an all-cash transaction valued at roughly USD$420m (£317.1m), a move that extends Affle’s reach into connected TV, retail media and other digital ad channels. Announced Sunday, the deal pays Perion shareholders USD$11.70 (£8.83) a share, a 34.5% premium to the stock’s 30th October close. Perion’s board approved it unanimously, and closing is expected in early 2027, pending shareholder approval, regulatory clearance and customary conditions. Perion’s USD$228.3m (£172.4m) in cash, short-term deposits and marketable securities covers more than half of the equity purchase price. Citibank is providing debt financing, and the deal is not contingent on financing.

Once completed, Perion will be delisted from Nasdaq and the Tel Aviv Stock Exchange. Perion will keep its brand and run as a wholly owned subsidiary, with CEO Tal Jacobson pointing to complementary technology and geographic reach, and Affle CEO Anuj Khanna Sohum eyeing growth in e-commerce, retail and healthcare.

DoorDash makes $17bn offer for Instacart

DoorDash has made a USD$17bn (£12.9bn) offer for Instacart, a deal that would consolidate grocery delivery in the US and abroad by pairing DoorDash’s global logistics with Instacart’s software and merchant relationships. It is subject to approval by Instacart shareholders and regulators, and is expected to close in late 2027 or early 2028. The companies say Instacart’s brand and app will continue, its 600,000 independent shoppers will keep fulfilling orders, and customers paying USD$9.99 (£7.54) a month for separate DashPass and Instacart+ subscriptions could move to a single fee.

DoorDash chief executive Tony Xu framed the deal as a way to help independent grocers compete with larger rivals such as Walmart, which leads the US grocery market with a 21% share. According to Consumer Edge, Instacart’s share of US delivery platform spending has fallen from 26% to 18%, while DoorDash’s has risen from 44% to 59%. Antitrust lawyer Ethan Litwin warned that DoorDash controlling Instacart’s technology could let it cut off rivals or monitor their pricing in real time. The combined firm could also become a stronger advertising player, as it could show food brands both grocery and takeout orders.

Alphabet shares fall 13% in record $500bn rout

Alphabet’s stock fell 13%, erasing a record USD$500bn (£380bn) of market value, the second-biggest one-day loss in Wall Street history behind Nvidia’s USD$593bn (£451bn) drop in January 2025. The fall followed third-quarter results showing cash flow of minus USD$9.1bn (£6.9bn), only the second negative quarter since Google listed in 2004. Capital expenditure reached USD$51.3bn (£39bn), and CFO Anat Ashkenazi reiterated that the full-year figure could hit USD$205bn (£155.8bn).

Revenue in the core search division rose 12% to USD$63.4bn (£48.2bn), missing the USD$64.9bn (£49.3bn) forecast. Chief business officer Philipp Schindler said “AI mode” queries are eating into traditional search and bring lower monetisation. Net income fell 25% to USD$26.2bn (£19.9bn), below the USD$37.3bn (£28.3bn) analysts expected, partly because of an USD$8.7bn (£6.6bn) loss on equity investments. Group revenue rose 25% to USD$127.6bn (£97bn), and Google Cloud sales doubled to USD$30.7bn (£23.3bn).