Bending Spoons to acquire AOL

Bending spoonOne of Europe’s largest mobile app developers, announcement On Wednesday it agreed to buy AOL from Yahoo, which is backed by private equity giant Apollo. Bending Spoons said it secured a $2.8 billion debt financing package to support the purchase.

The acquisition is expected to close by the end of the year and is subject to closing conditions and regulatory approvals.

“AOL is an iconic, beloved business that is in good health, has stood the test of time and we believe has untapped potential,” said Luca Ferrari, CEO and co-founder of Bending Spoons. Press release.

“According to our estimates, AOL is one of the top ten most used email providers in the world, with a highly reserved customer base numbering approximately 8 million daily and 30 million monthly active users,” he continued. “We intend to invest significantly to help grow the product and business. Bending Spoons has never sold an acquired business—we are confident we are the right long-term stewards for AOL, and look forward to serving its large, loyal customer base for many years to come.”

The news doesn’t come as a surprise, as such Reuters reported Earlier this month Yahoo was in talks to sell AOL to Bending Spoons for about $1.4 billion.

Wednesday’s news signals a new chapter for AOL, once one of the most recognizable brands on the Internet, known for its email service and “You’ve Got Mail” notifications. AOL has had multiple owners over the past few decades. It was owned by Time Warner from 2001 to 2009 and then by Verizon Communications from 2015 to 2021.

The acquisition marks Bending Spoon’s latest purchase in a string of other American brands Vimeo, EvernoteMeetups and more.