Bending spoonsone of the largest mobile application developers in Europe, announced on Wednesday said it had agreed to buy AOL from Yahoo, which is backed by private equity giant Apollo. Bending Spoons says it has secured a $2.8 billion debt financing package to support the purchase.
The acquisition is expected to close by the end of the yr and is subject to closing conditions and regulatory approvals.
“AOL is an iconic, beloved company that is in good health, has stood the test of time, and we believe has untold potential,” said Bending Spoons CEO and co-founder Luca Ferrari in press release.
“By our estimates, AOL is one of the ten most used email providers in the world, with a repeat customer base of approximately 8 million daily active users and 30 million monthly active users,” he continued. “We intend to invest significantly to help grow the product and the company. Bending Spoons has never sold the acquired company – we are confident that we are the right long-term steward of AOL and look forward to serving its large, loyal customer base for many years to come.”
This news is not a surprise because Reuters reported earlier this month, Yahoo was in talks to sell AOL to Bending Spoons for about $1.4 billion.
Wednesday’s announcement signals a latest chapter for AOL, once one of the most recognizable brands on the Internet, known for its email service and “You’ve Got Mail” notifications. AOL has had several owners over the past a long time. From 2001 to 2009 it was owned by Time Warner and from 2015 to 2021 by Verizon Communications.
This acquisition marks Bending Spoon’s latest addition to a string of other US brands including Vimeo, Evernote, Meetup and more.