Bending Spoons Acquires AOL: A New Chapter for the Internet Pioneer
In a significant move within the tech industry, Italian technology conglomerate Bending Spoons has announced its agreement to acquire AOL, the renowned web portal and email service provider, from Yahoo. The acquisition, valued at approximately $1.5 billion, is expected to conclude by the end of 2025, pending customary closing conditions and regulatory approvals.
Founded in 2013 and headquartered in Milan, Bending Spoons has built a reputation for acquiring and revitalizing digital businesses. Its diverse portfolio includes well-known platforms such as Evernote, Remini, WeTransfer, and Vimeo. The company’s products have reached over a billion users, boasting more than 300 million monthly active users and 10 million paying customers, including numerous Fortune 500 companies.
Luca Ferrari, CEO and co-founder of Bending Spoons, expressed enthusiasm about the acquisition, stating, AOL is an iconic, beloved business that’s in good health, has stood the test of time, and we believe has unexpressed potential. He highlighted AOL’s substantial user base, noting approximately 8 million daily and 30 million monthly active users, positioning it among the top ten most-used email providers globally. Ferrari emphasized the company’s commitment to investing significantly in AOL to foster its growth and development.
To finance this acquisition and future mergers and acquisitions, Bending Spoons has secured a $2.8 billion debt financing package. This package comprises Term Loan A and Term Loan B facilities, along with incremental Revolving Credit Facility commitments. The financing is supported by a consortium of 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 United States and by BNP Paribas, Crédit Agricole CIB, J.P. Morgan SE, and UniCredit in Europe.
Jim Lanzone, CEO of Yahoo, commented on the transaction, stating, AOL and Yahoo share a great deal of history, and our new team has enjoyed the opportunity to return AOL to growth. He added that the deal would allow Yahoo to focus more deeply on its core products while ensuring AOL continues to thrive under new ownership.
Reed Rayman, Chairman of Yahoo’s Board of Directors and partner at Apollo, remarked, 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. He expressed confidence that the transaction positions AOL well for its next phase, while Yahoo accelerates investment in its flagship properties and AI-powered experiences.
AOL, once a dominant force in the internet landscape, has evolved over the years. Its primary operations now focus on internet privacy and protection software, alongside its longstanding AOL.com website and email service, which continue to drive user engagement and revenue. The company reportedly generates around $400 million in annual EBITDA and over $500 million in revenue.
Bending Spoons’ acquisition strategy involves acquiring products with existing product-market fit and managing them for long-term ownership. The company has a track record of investing in and transforming digital businesses, aiming to enhance their technology, redesign user interfaces, accelerate the release of new features, optimize marketing and monetization, and rearchitect organizations for improved long-term performance.
In recent years, Bending Spoons has expanded its portfolio through several notable acquisitions. In March 2025, the company acquired Komoot, a popular route planning and navigation app for outdoor activities. In June, it added professional services software provider Harvest to its holdings. July saw the acquisition of digital publishing platform Issuu and the Dutch file transfer service WeTransfer. In September, Bending Spoons agreed to acquire video platform company Brightcove for $233 million. The acquisition of AOL in October represents the company’s largest deal to date.
Bending Spoons’ approach to acquisitions is characterized by a hold forever strategy, indicating a commitment to long-term stewardship of the businesses it acquires. The company has never sold an acquired business, underscoring its dedication to nurturing and growing its portfolio companies.
The acquisition of AOL marks a significant milestone for Bending Spoons, as it continues to expand its influence in the digital landscape. By integrating AOL into its portfolio, Bending Spoons aims to leverage the brand’s enduring legacy and substantial user base to drive future growth and innovation.
As the tech industry continues to evolve, Bending Spoons’ strategic acquisitions position the company as a formidable player in the digital space. With a focus on long-term investment and transformation, the company is poised to shape the future of the platforms it acquires, ensuring they remain relevant and competitive in an ever-changing market.
