Bending Spoons announces that it has entered into a definitive agreement to acquire AOL, the web portal and email service provider, from Yahoo. The acquisition is expected to close by the end of the year, subject to customary closing conditions and regulatory approvals.
“AOL is an iconic and beloved company in good health that has stood the test of time and, in our opinion, has untapped potential,” said Luca Ferrari, CEO and co-founder of Bending Spoons, in a statement. . “According to our estimates, AOL is one of the ten most widely used email providers in the world, with a highly loyal customer base of approximately 8 million daily active users and 30 million monthly active users. We intend to invest significantly to help the product and company thrive. Bending Spoons has never sold an acquired company: we are confident that we are the right long-term custodians of AOL and look forward to serving its large and loyal user base for many years to come.”
“AOL and Yahoo share a long history, and our new team appreciated the opportunity to bring AOL back to growth,” said Jim Lanzone, CEO of Yahoo. “This transaction will allow us to focus more deeply on the ambitious roadmaps we have planned for Yahoo’s core products, while ensuring that AOL continues to thrive under new ownership.”
Reed Rayman, Chairman of Yahoo’s Board of Directors and partner at Apollo, said: “Since Apollo funds acquired Yahoo in 2021, we have helped drive a transformative reinvestment process in digital media and consumer technology businesses, generating strong performance across the Yahoo portfolio. We believe this transaction positions AOL for its next phase, while Yahoo accelerates its investments in its core properties and AI-powered experiences.”
AOL will be the latest global brand to join Bending Spoons’ portfolio. Last month, Bending Spoons announced a definitive agreement to acquire Vimeo, which is expected to close in the fourth quarter of 2025, subject to customary conditions and approvals, including approval by Vimeo shareholders and required regulatory clearances.
To finance the acquisition of AOL and future M&A transactions, Bending Spoons also announced the completion of a $2.8 billion debt financing package. The package includes Term Loan A and Term Loan B credit lines, together with incremental Revolving Credit Facility commitments, provided by leading banks including Banco BPM, BNP Paribas, Crédit Agricole CIB, Goldman Sachs, HSBC, Intesa Sanpaolo, J.P. Morgan, Mitsubishi UFJ Financial Group, Mizuho, Société Générale, UniCredit and Wells Fargo. The syndication of Term Loan B will be led by J.P. Morgan Chase Bank N.A. in the United States and by BNP Paribas, Crédit Agricole CIB, J.P. Morgan SE and UniCredit in Europe.
“We appreciate the support of so many of the world’s leading banks, which we see as confirmation of our strategy, based on the mutual trust we have built with many of them over years of collaboration,” adds Ferrari (pictured). “This financing strengthens our ability to continue acquiring and transforming digital companies around the world with a long-term perspective.”
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