Bending Spoons to Acquire AOL in $1.5B Deal

The acquisition of AOL by Italy’s Bending Spoons has been announced as of October 29, 2025.
Here’s a summary of the key information from the search results:
* **Acquisition:** Bending Spoons is acquiring AOL from Yahoo, which is a portfolio company of Apollo Global Management.
* **Value:** The deal is valued at approximately $1.5 billion, as reported by sources familiar with the matter to The Wall Street Journal and Axios. Reuters previously reported a valuation of over $1.4 billion.
* **Financing:** Bending Spoons secured a $2.8 billion debt financing package to fund this acquisition and future M&A activities. This package includes commitments from banks like J.P. Morgan, Goldman Sachs, Wells Fargo, and BNP Paribas.
* **Closing:** The acquisition is expected to close by the end of 2025, subject to customary closing conditions and regulatory approvals. Some sources indicate late 2025 or early 2026.
* **AOL’s Current State:**
* Still boasts a significant user base: around 8 million daily active users and 30 million monthly active users for its news, content, games web portal, and email services.
* Considered one of the top ten most-used email providers globally.
* Generates around $400 million in annual earnings before interest, taxes, depreciation, and amortization (EBITDA) with revenue of over $500 million.
* AOL officially shuttered its dial-up internet business on September 30, 2025.
* **AOL’s History:** Founded in 1985 as Quantum Computer Services, renamed America Online in 1989, and then AOL in 2006. Notable for the AOL Time Warner merger in 2001 (valued at $350 billion). Acquired by Verizon in 2015, then sold to Apollo Global Management (as part of Yahoo) in 2021 for $5 billion.
* **Bending Spoons:**
* Milan-based Italian technology conglomerate, founded in 2013.
* Known for acquiring and transforming digital businesses.
* Other acquisitions include Brightcove, Evernote, komoot, Meetup, Remini, StreamYard, and WeTransfer.
* Recently announced a deal to acquire video-hosting provider Vimeo for $1.38 billion in cash, expected to close in Q4 2025.
* Claims its products have over 300 million monthly active users and 10 million paying customers.
* CEO Luca Ferrari stated Bending Spoons has never sold an acquired business and intends to invest significantly in AOL to help it flourish. He sees “unexpressed potential” in AOL.
* **Statements from Stakeholders:**
* Luca Ferrari (Bending Spoons CEO): Views AOL as “iconic, beloved,” in good health, and with “unexpressed potential”. Pledges significant investment and long-term stewardship.
* Jim Lanzone (Yahoo CEO): Stated the transaction allows Yahoo to focus more deeply on its core products and AI-powered experiences.
* Reed Rayman (Chair of Yahoo’s board, Apollo Partner): Believes the transaction positions AOL well for its next phase while Yahoo accelerates investment in flagship properties and AI.

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AOL, an iconic name in the early internet landscape, is set to embark on a new chapter under the ownership of Bending Spoons, an Italian technology company. The acquisition marks a significant move for both entities, with Bending Spoons expanding its portfolio of digital brands and AOL looking towards renewed investment and strategic direction. This development follows recent reports indicating that the long-standing web portal and email provider was on the market.

A New Owner for a Digital Veteran

The Milan-based Bending Spoons has reached a definitive agreement to acquire AOL from Yahoo, which is currently a portfolio company of private equity firm Apollo Global Management. While specific deal terms were not officially disclosed by all parties, reports from sources familiar with the matter suggest the acquisition values AOL at approximately $1.5 billion. This transaction is anticipated to conclude by the end of 2025, pending the satisfaction of customary closing conditions and regulatory approvals.

To facilitate this acquisition and support its broader growth strategy, Bending Spoons has successfully secured a substantial $2.8 billion debt financing package. This financing, backed by a syndicate of global banks including J.P. Morgan, Goldman Sachs, Wells Fargo, and BNP Paribas, positions Bending Spoons for not only the AOL deal but also for future mergers and acquisitions.

AOL’s Enduring Presence and Historical Journey

Despite shifts in the digital landscape, AOL maintains a notable user base. The company currently serves approximately 8 million daily active users and 30 million monthly active users across its web portal, content offerings, games, and email services. Bending Spoons CEO Luca Ferrari highlighted AOL’s position as one of the top ten most-used email providers globally, citing its “highly retained customer base” as a key attractive factor. Financially, AOL generates around $400 million in annual earnings before interest, taxes, depreciation, and amortization (EBITDA), with revenues exceeding $500 million. Notably, AOL officially discontinued its dial-up internet business on September 30, 2025, marking the end of an era for a service synonymous with early online access.

AOL’s history is deeply intertwined with the evolution of the internet. Founded in 1985 as Quantum Computer Services, it rebranded as America Online in 1989 and later simplified to AOL in 2006. The company was famously involved in one of the largest corporate mergers in history with Time Warner in 2001, a deal initially valued at an astonishing $350 billion, which was later unwound. In more recent times, AOL was acquired by Verizon Communications in 2015, and subsequently became part of Yahoo, which Verizon sold to Apollo Global Management in 2021 for $5 billion.

Bending Spoons: A Strategic Acquirer

Bending Spoons, founded in Milan in 2013, has established itself as an active player in the technology sector, focusing on acquiring and developing digital businesses. The company’s strategy involves taking over existing products with proven market fit and aiming for long-term ownership and enhancement. Its diverse portfolio already includes well-known digital brands such as Brightcove, Evernote, komoot, Meetup, Remini, StreamYard, and WeTransfer. Bending Spoons boasts an impressive reach, with its products collectively serving over 300 million monthly active users and attracting 10 million paying customers.

The acquisition of AOL is part of a broader expansion for Bending Spoons. Just last month, the company announced its definitive agreement to acquire the video-hosting platform Vimeo for $1.38 billion, a deal also expected to close in the fourth quarter of 2025. Luca Ferrari expressed optimism about the AOL acquisition, stating that Bending Spoons has “never sold an acquired business” and intends to “invest significantly to help the product and the business flourish,” highlighting what he perceives as AOL’s “unexpressed potential”.

Perspectives on the Deal

The acquisition has garnered reactions from key stakeholders. Luca Ferrari, CEO and co-founder of Bending Spoons, emphasized his company’s commitment to AOL, describing it as an “iconic, beloved business that’s in good health, has stood the test of time”. He affirmed Bending Spoons’ confidence in being the “right long-term steward for AOL” and expressed anticipation for serving its loyal customer base for many years.

Jim Lanzone, CEO of Yahoo, also weighed in on the transaction, noting the shared history between AOL and Yahoo. He stated that the sale allows Yahoo 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”. Similarly, Reed Rayman, Chair of Yahoo’s board and partner at Apollo, expressed that the transaction “positions AOL well for its next phase, while Yahoo accelerates investment in its flagship properties and AI-powered experiences”.

Conclusion

The acquisition of AOL by Bending Spoons signifies a strategic realignment for both companies. For AOL, it represents an opportunity for renewed focus and investment under an owner committed to long-term stewardship. For Bending Spoons, it marks a significant expansion into legacy internet brands, complementing its existing portfolio of digital products. This move highlights a continuing trend in the tech industry where established digital assets with loyal user bases find new homes and strategic directions within larger, acquisitive technology groups.