Italian technology conglomerate Bending Spoons has agreed to acquire web portal and email provider AOL from Yahoo.
The acquisition will be financed through a $2.8bn debt package, which also supports Bending Spoons’ ongoing merger and acquisition plans.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
This move comes shortly after Bending Spoons disclosed an agreement last month to acquire video hosting service company Vimeo in an all-cash deal worth around $1.4bn.
Subject to shareholder and regulatory approval, this deal is expected to close in Q4 2025.
Bending Spoons’ portfolio includes Brightcove, Evernote, komoot, Meetup, Remini, StreamYard, and WeTransfer among other assets.
Its suite of products reportedly serves more than one billion users globally with upwards of 300 million active monthly users and 10 million paying subscribers.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataBending Spoons CEO and co-founder Luca Ferrari said: “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.”
The financing package consists of Term Loan A and B facilities, along with increased Revolving Credit Facility capacity.
It is provided by a consortium of 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.
Term Loan B syndication will be led by J.P. Morgan Chase Bank in the US, and by BNP Paribas, Crédit Agricole CIB, J.P. Morgan, and UniCredit in Europe.
The transaction is scheduled to conclude by the end of the year, pending regulatory review and standard closing requirements.
Greenhill (a Mizuho affiliate) and Wells Fargo acted as financial advisers to Bending Spoons on the AOL transaction, with Willkie Farr & Gallagher providing legal counsel and EY Advisory and EY SLT handling financial and tax due diligence.
Yahoo was advised by J.P. Morgan Securities and Allen & Company, with legal representation from Latham & Watkins and Paul, Weiss, Rifkind, Wharton & Garrison.
Yahoo CEO Jim Lanzone said: “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.”
