Bending Spoons and the AOL Acquisition

Bending Spoons to Acquire AOL from Yahoo

Bending Spoons, a leading mobile application development company in Europe, revealed on Wednesday an agreement to purchase AOL from Yahoo. This transaction is supported by Apollo, a prominent private equity firm.

To facilitate the acquisition, Bending Spoons has successfully arranged a debt financing package totaling $2.8 billion.

Deal Completion and Approvals

The completion of this acquisition is anticipated before the year's end. However, it remains contingent upon the fulfillment of specific closing conditions and the receipt of necessary regulatory approvals.

CEO Statement on the Acquisition

Luca Ferrari, CEO and co-founder of Bending Spoons, expressed his enthusiasm in a press release. He stated that AOL is a well-established and respected brand with considerable untapped potential.

Ferrari highlighted AOL’s strong position in the email market. According to their assessment, AOL ranks among the top ten most utilized email providers globally.

User Base and Future Investment

The company reports a highly engaged customer base, with approximately 8 million daily active users and 30 million monthly active users. Bending Spoons intends to make substantial investments to foster the growth of both the product and the business.

Ferrari affirmed Bending Spoons’ commitment to long-term stewardship, stating they have never divested an acquired company. They are confident in their ability to serve AOL’s extensive and dedicated user base for years to come.

Previous Reports and Transaction Value

This announcement follows earlier reports from Reuters earlier this month, which indicated that Yahoo was engaged in discussions with Bending Spoons regarding the sale of AOL for approximately $1.4 billion.

AOL’s Historical Ownership

This deal signifies a new phase for AOL, a once-ubiquitous internet brand renowned for its email service and the iconic “You’ve Got Mail” notification. Over the years, AOL has been under the ownership of several entities.

Previously, it was part of Time Warner from 2001 to 2009, and later, Verizon Communications from 2015 to 2021.

Bending Spoons’ Expansion of American Brands

This acquisition represents the latest in a series of purchases by Bending Spoons of prominent American brands. Other acquisitions include Vimeo, Evernote, Meetup, and several others.