Bending Spoons, one of Europe's largest mobile app developers, announced Wednesday that it has agreed to acquire AOL, backed by private equity giant Apollo, from Yahoo. Vending Spoons said it has secured a $2.8 billion debt financing package to support the acquisition.
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 and beloved company that we believe is healthy, has stood the test of time, and has untapped potential,” Luca Ferrari, CEO and co-founder of Bending Spoons, said in a press release.
“According to our estimates, AOL is one of the top 10 most popular email providers in the world, with a highly retained customer base of approximately 8 million daily and 30 million monthly active users,” he continued. “We intend to make significant investments to help our products and business thrive. Bending Spoons has never sold any of the businesses we acquire. We are confident that we are the right long-term steward for AOL, and we look forward to serving its large and loyal customer base for many years to come.”
The news comes as no surprise, as Reuters reported earlier this month that Yahoo was in talks to sell AOL to Bending Spoons for about $1.4 billion.
Wednesday's news signals the beginning of a new chapter for AOL, known for its email service and “You've Got Mail” notifications and once one of the most recognizable brands on the Internet. AOL has had multiple owners over the past few decades. It was owned by Time Warner from 2001 to 2009 and then Verizon Communications from 2015 to 2021.
The acquisition is the latest in a string of U.S. brand acquisitions by Bending Spoon, including Vimeo, Evernote and Meetup.