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Milan-based technology company Bending Spoons has inked a deal to acquire AOL from Yahoo and private equity parent Apollo, saying it will position the historic web portal and email provider for its next phase of growth. The deal is expected to close by year end. Financial terms weren’t disclosed but Bending Spoons also announced the successful completion of a $2.8 billion debt financing package for the AOL deal as well as future M&A. The fast growing company last month unveiled an agreement to acquire Vimeo, a transaction also expected to close by the end of 2025. Its other brands include Brightcove, Evernote, komoot, Meetup, Remini, StreamYard and WeTransfer. “AOL is an iconic, beloved business that’s in good health, has stood the test of time, and we believe has unexpressed potential,” said Bending Spoons CEO and co-founder Luca Ferrari. “By our estimation, AOL is one of the top ten most-used email providers in the world, with a highly retained customer base counting around 8 million daily and 30 million monthly active users. We intend to invest significantly to help the product and the business flourish.” He said Bending Spoons, which he co-founded in 2018, has never sold an acquired business and “we’re confident we’re the right long-term steward for AOL, and look forward to serving its large, loyal customer base for many years to come.” This is the latest transfer of the former America Online, an internet pioneer founded in 1983 under another name and ultimately shaped by marketing guru Steve Case into one of best known companies in the U.S. It hit a high when it acquired Time Warner during the 2000 tech bubble only to crash when broadband displaced dialup. It was split off from Time Warner in 2009, acquired by Verizon in 2014 and merged with Yahoo the following year. Apollo acquired Yahoo from Verizon in 2021 and has operated it as a standalone company. Yahoo CEO Jim Lanzone said “AOL and Yahoo share a great deal of history, and our new team has enjoyed the opportunity to return AOL to growth. This transaction will allow us to focus more deeply on the aggressive roadmaps we have planned for Yahoo’s core products moving forward, while ensuring AOL continues to thrive under new ownership.” Reed Rayman, chair of Yahoo’s board and Partner at Apollo, said that since then, “we’ve helped the company drive transformational reinvestment in its digital media assets and consumer technology, producing strong performance across Yahoo’s properties. We believe this transaction positions AOL well for its next phase, while Yahoo accelerates investment in its flagship properties and AI-powered experiences.”
