Bending Spoons to acquire AOL following $2.8B debt financing

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Acquisition positions historic brand for its next phase of growth

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MILAN — Technology company Bending Spoons today announced that it has entered into a definitive agreement to acquire AOL, the web portal and email provider, from Yahoo. The acquisition is expected to close by the end of the year, subject to customary closing conditions and regulatory approvals.

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“AOL is an iconic, beloved business that’s in good health, has stood the test of time, and we believe has unexpressed potential,” said Bending Spoons CEO and co-founder, Luca Ferrari. “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.”

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“AOL and Yahoo share a great deal of history, and our new team has enjoyed the opportunity to return AOL to growth,” said Jim Lanzone, CEO of Yahoo, Inc. “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.”

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Reed Rayman, Chair of Yahoo’s Board of Directors and Partner at Apollo, said, “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.”

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AOL would be the latest renowned global brand to join the Bending Spoons portfolio. Last month, Bending Spoons announced a definitive agreement to acquire Vimeo, which is expected to close in the fourth quarter of 2025, subject to customary closing conditions and approvals, including approval by Vimeo’s stockholders, and the receipt of required regulatory approvals.

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Debt Financing

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To finance the acquisition of AOL as well as future M&A, Bending Spoons also announced the successful completion of a $2.8 billion debt financing package. The package includes committed Term Loan A and Term Loan B facilities, alongside incremental Revolving Credit Facility commitments, provided by 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 US and by BNP Paribas, Crédit Agricole CIB, J.P. Morgan SE, and UniCredit in Europe.

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“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,” Ferrari added. “This financing strengthens our ability to continue acquiring and transforming digital businesses worldwide with a long-term view.”

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Advisors

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Greenhill, a Mizuho affiliate, and Wells Fargo served as financial advisors to Bending Spoons in the acquisition, Willkie Farr & Gallagher LLP is serving as its legal advisor, and EY Advisory SpA and EY SLT provided financial and tax due diligence services. Yahoo was advised by J.P. Morgan Securities LLC and Allen & Company LLC on financial matters, with legal counsel provided by Latham & Watkins LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP.

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About Bending Spoons

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Bending Spoons acquires and transforms digital businesses.

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It owns Brightcove, Evernote, komoot, Meetup, Remini, StreamYard, WeTransfer, and many others. The company’s products have served more than a billion people, with over 300 million monthly active users and 10 million paying customers, including most Fortune 500 enterprises.

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Bending Spoons aims to hold forever, and has never sold an acquired business.

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After an acquisition, the company typically invests in an ambitious effort to overhaul the technology, redesign the user interface, accelerate the release of new features, optimize marketing and monetization, and rearchitect the organization for improved long-term performance.

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At the company’s core is a relentless focus on talent density and workplace excellence.

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Bending Spoons has received more than 600,000 job applications in 2025 alone, with a 0.04% job offer rate, and has numerous first-place finishes in Great Place to Work awards.

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About Yahoo

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For 30 years and counting, Yahoo has served as a trusted guide for hundreds of millions of people globally, helping them achieve their goals big and small online through our portfolio of iconic products. For advertisers, Yahoo offers omnichannel solutions and powerful data to engage with our brands and deliver results.

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Contacts

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