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Yahoo owner Apollo Global management has entered into an agreement to sell web portal and email provider AOL to Milan-based technology company Bending Spoons. Financial terms were not disclosed, but Axios reported the deal is valued at roughly $1.5 billion. “AOL and Yahoo share a great deal of history, and our new team has enjoyed the opportunity to return AOL to growth,” Yahoo CEO Jim Lanzone said in a statement. “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.” “Since Apollo Funds acquired Yahoo in 2021, we’ve helped the company drive transformational reinvestment in its digital media assets and consumer technology, producing strong performance across Yahoo’s properties,” Apollo partner and Yahoo board chairman Reed Rayman said in a statement. “We believe this transaction positions AOL well for its next phase, while Yahoo accelerates investment in its flagship properties and AI-powered experiences.” The deal is expected to close by the end of the year, subject to customary closing conditions and regulatory approvals. The deal for AOL comes after Bending Spoons entered into an agreement last month to acquire Vimeo. That deal is expected to close in the fourth quarter of 2025, subject to Vimeo shareholder and regulatory approval. Bending Spoons also owns products including Brightcove, Evernote, komoot, Meetup, Remini, StreamYard, WeTransfer. The company’s products have served more than a billion people, with over 300 million monthly active users and 10 million paying customers, including most Fortune 500 enterprises. “AOL is an iconic, beloved business that’s in good health, has stood the test of time, and we believe has unexpressed potential. 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,” Bending Spoons CEO and co-founder Luca Ferrari added. “We intend to invest significantly to help the product and the business flourish. Bending Spoons has never sold an acquired business—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.” Bending Spoons will finance the AOL acquisition and future M&A with a $2.8 billion debt financing package from 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. “We appreciate the support of so many of the world’s finest banks, which we view as an endorsement of our strategy, and which builds on the mutual trust we’ve established with many of these institutions over years of collaboration,” Ferrari added. “This financing strengthens our ability to continue acquiring and transforming digital businesses worldwide with a long-term view.” Greenhill, a Mizuho affiliate, and Wells Fargo served as financial advisors to Bending Spoons in the acquisition, Willkie Farr & Gallagher LLP is serving as its legal advisor, and EY Advisory SpA and EY SLT provided financial and tax due diligence services. Yahoo was advised by J.P. Morgan Securities LLC and Allen & Company LLC on financial matters, with legal counsel provided by Latham & Watkins LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP.
