MILAN -- Technology company Bending Spoons announced that it has entered into a definitive agreement to acquire AOL, the web portal and email 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, 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. 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.”

“AOL and Yahoo share a great deal of history, and our new team has enjoyed the opportunity to return AOL to growth,” said Jim Lanzone, CEO of Yahoo, Inc. “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 of Directors and Partner at Apollo, said, “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. We believe this transaction positions AOL well for its next phase, while Yahoo accelerates investment in its flagship properties and AI-powered experiences.”

AOL would be the latest renowned global brand to join the 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 closing conditions and approvals, including approval by Vimeo’s stockholders, and the receipt of required regulatory approvals.

Debt Financing

To finance the acquisition of AOL as well as future M&A, Bending Spoons also announced the successful completion of a $2.8 billion debt financing package. The package includes committed Term Loan A and Term Loan B facilities, alongside 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 Term Loan B syndication will be led by J.P. Morgan Chase Bank N.A. in the US 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 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.”

Advisors
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.