Bending Spoons’ Strategic Acquisition of AOL: A New Era for the Iconic Internet Pioneer
In a significant move within the tech industry, Milan-based technology conglomerate Bending Spoons has announced its agreement to acquire AOL, the renowned web portal and email service provider, from Yahoo. This acquisition is anticipated to conclude by the end of 2025, pending customary closing conditions and regulatory approvals.
AOL’s Legacy and Current Standing
Established in 1985 as Quantum Computer Services, AOL rebranded to America Online in 1989 and later to AOL in 2006. It emerged as a trailblazer in internet connectivity, introducing millions to the online world. Despite the evolution of the internet landscape, AOL has maintained a dedicated user base, boasting approximately 8 million daily active users and 30 million monthly active users across its news, content, games web portal, and email services. Notably, AOL ceased its dial-up internet services on September 30, 2025, marking the end of an era.
Bending Spoons’ Vision and Strategy
Founded in 2013, Bending Spoons has carved a niche in acquiring and revitalizing digital businesses. Its portfolio includes notable platforms such as Evernote, WeTransfer, Meetup, and StreamYard. The company’s products have reached over a billion users, with more than 300 million monthly active users and 10 million paying customers, including numerous Fortune 500 enterprises.
Luca Ferrari, CEO and co-founder of Bending Spoons, expressed enthusiasm about the acquisition:
AOL is an iconic, beloved business that’s in good health, has stood the test of time, and we believe has unexpressed potential. 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.
Financial Aspects of the Acquisition
While the exact financial terms of the deal remain undisclosed, reports suggest that Bending Spoons is acquiring AOL for approximately $1.5 billion. To facilitate this acquisition and support future mergers and acquisitions, Bending Spoons has secured a $2.8 billion debt financing package. This financing includes Term Loan A and Term Loan B facilities, along with incremental Revolving Credit Facility commitments, provided by leading banks such as BNP Paribas, Goldman Sachs, HSBC, J.P. Morgan, Mitsubishi UFJ Financial Group, Mizuho, Société Générale, Crédit Agricole CIB, and Wells Fargo.
Ferrari highlighted the significance of this financial backing:
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. This financing strengthens our ability to continue acquiring and transforming digital businesses worldwide with a long-term view.
Implications for AOL and the Broader Tech Landscape
This acquisition signifies a new chapter for AOL, a company that has experienced various ownership changes over the decades. From its merger with Time Warner in 2001 to its acquisition by Verizon Communications in 2015, and later by Apollo Global Management in 2021, AOL has navigated numerous transformations.
Under Bending Spoons’ stewardship, AOL is poised for revitalization. Bending Spoons’ track record of enhancing acquired platforms suggests a commitment to investing in AOL’s technology and user experience. This approach aims to modernize AOL’s offerings while preserving the brand’s legacy and loyal user base.
Jim Lanzone, CEO of Yahoo, Inc., commented on the transaction:
AOL and Yahoo share a great deal of history, and our new team has enjoyed the opportunity to return AOL to growth. 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, added:
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.
Bending Spoons’ Acquisition Strategy
Bending Spoons’ acquisition of AOL is part of a broader strategy to expand its portfolio of consumer and enterprise digital products. In September 2025, the company announced a definitive agreement to acquire Vimeo for $1.38 billion in cash, a deal expected to close in the fourth quarter of 2025, subject to customary closing conditions and approvals.
The company’s approach involves acquiring products with existing product-market fit and managing them for long-term ownership. After an acquisition, Bending Spoons typically invests in overhauling the technology, redesigning the user interface, accelerating the release of new features, optimizing marketing and monetization, and rearchitecting the organization for improved long-term performance.
Conclusion
Bending Spoons’ acquisition of AOL marks a significant development in the tech industry, blending the legacy of a pioneering internet company with the innovative strategies of a modern technology conglomerate. As Bending Spoons continues to expand its portfolio, the tech community will be keenly observing how it revitalizes AOL and other acquired platforms, potentially setting new standards for the transformation of established digital businesses.
