Bending Spoons, a leading mobile app developer in Europe, revealed on Wednesday that it has reached an agreement to acquire AOL from Yahoo, which is owned by private equity firm Apollo. To fund the deal, Bending Spoons has arranged a debt financing package worth $2.8 billion.
The deal is anticipated to be finalized before the year ends, pending regulatory approval and the fulfillment of closing conditions.
“AOL is a legendary and cherished company that remains strong, has endured over time, and we see untapped opportunities ahead,” stated Luca Ferrari, CEO and co-founder of Bending Spoons, in a press statement.
He added, “From our perspective, AOL ranks among the world’s top ten email services, maintaining a loyal user base with about 8 million daily and 30 million monthly active users. We plan to make substantial investments to help both the product and company thrive. Bending Spoons has never divested a business we’ve acquired—we believe we are the right long-term caretakers for AOL and are eager to serve its dedicated users for many years.”
This development was expected, as Reuters had previously reported earlier this month that Yahoo was negotiating to sell AOL to Bending Spoons for approximately $1.4 billion.
The announcement marks a new era for AOL, which was once a dominant name online, especially recognized for its email platform and the iconic “You’ve Got Mail” alert. Over the years, AOL has changed hands several times, being owned by Time Warner from 2001 to 2009 and later by Verizon Communications from 2015 to 2021.
This acquisition is the latest in a series of Bending Spoons’ purchases of American companies, including Vimeo, Evernote, Meetup, and others.
