Technology company Bending Spoons announced that it has entered into a definitive agreement to acquire AOL from Yahoo, marking the next chapter for one of the internet’s most iconic brands. The acquisition is expected to close by the end of 2025, subject to customary regulatory and closing conditions.
The acquisition adds another globally recognized brand to Bending Spoons’ expanding digital portfolio, which already includes Evernote, WeTransfer, Meetup, Brightcove, StreamYard, and other widely used software platforms. The company’s mission to acquire and transform digital businesses continues to accelerate, fueled by the completion of a new $2.8 billion debt financing package that will support both the AOL acquisition and future mergers and acquisitions worldwide.
Bending Spoons’ CEO and co-founder, Luca Ferrari, said that AOL’s long-standing presence in digital communication, particularly its email service, represents a valuable asset with untapped potential. The company estimates AOL remains among the ten most-used email providers globally, with approximately 8 million daily and 30 million monthly active users. Ferrari emphasized that Bending Spoons intends to invest significantly in rejuvenating the platform and ensuring its continued relevance for millions of loyal users.
Yahoo CEO Jim Lanzone stated that the transaction will allow Yahoo to deepen its focus on its core businesses and product innovation. He noted that the sale positions both companies for long-term success, enabling AOL to flourish under new ownership while Yahoo pursues its strategic roadmap for growth in AI and digital experiences.
Reed Rayman, Chair of Yahoo’s Board and a Partner at Apollo, highlighted the progress Yahoo has achieved since its acquisition by Apollo Funds in 2021, citing strong performance and reinvestment across its media and technology assets. He described the AOL sale as a move that strengthens both organizations—positioning AOL for expansion under Bending Spoons while allowing Yahoo to focus resources on its flagship platforms.
The transaction comes shortly after Bending Spoons’ announcement of a separate definitive agreement to acquire Vimeo, which is expected to close in the fourth quarter of 2025, pending shareholder and regulatory approvals.
To finance these acquisitions and bolster its long-term growth strategy, Bending Spoons secured a $2.8 billion debt package, comprising Term Loan A and Term Loan B facilities, as well as an incremental Revolving Credit Facility. The financing was provided by a syndicate of central global 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. J.P. Morgan Chase Bank N.A. will lead the Term Loan B syndication in the U.S., while BNP Paribas, Crédit Agricole CIB, J.P. Morgan SE, and UniCredit will co-lead in Europe.
Advisors/support: Advisors on the transaction include Greenhill, a Mizuho affiliate, and Wells Fargo as financial advisors to Bending Spoons. Legal counsel is being provided by Willkie Farr & Gallagher, with due diligence conducted by EY Advisory SpA and EY SLT. Yahoo received financial advice from J.P. Morgan Securities and Allen & Company, with legal counsel from Latham & Watkins and Paul, Weiss, Rifkind, Wharton & Garrison.
KEY QUOTES:
“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.”
“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.”
Luca Ferrari, Co-Founder and Chief Executive Officer, Bending Spoons
“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.”
Jim Lanzone, Chief Executive Officer, Yahoo, Inc.
“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.”
Reed Rayman, Chair of the Board, Yahoo; Partner, Apollo Global Management
