BENDING SPOONS TO ACQUIRE AOL FROM YAHOO, EXPANDING ITS DIGITAL EMPIRE

KUALA LUMPUR, Oct 31 (Bernama) -- Technology company Bending Spoons has signed a definitive agreement to acquire AOL from Yahoo, marking another bold move in its rapid expansion into the digital services space.

In a statement, Bending Spoons said the deal is expected to close by the end of the year, pending regulatory approvals and customary conditions.

“AOL is an iconic, beloved business that is in good health, has stood the test of time, and has unexpressed potential,” said Bending Spoons chief executive officer (CEO) and co-founder, Luca Ferrari.

Ferrari highlighted AOL’s strong engagement metrics, noting around eight million daily and 30 million monthly active users, making it one of the world’s top 10 email providers, adding: “We intend to invest significantly to help the product and the business flourish.”

Meanwhile, Yahoo CEO, Jim Lanzone said the sale allows Yahoo to sharpen its focus on its core products and artificial intelligence-driven roadmap.

“AOL and Yahoo share a great deal of history, and this transaction ensures AOL continues to thrive under new ownership.” Lanzone noted.

To fuel its mergers and acquisitions (M&A) strategy, Bending Spoons secured a US$2.8 billion debt financing package—including Term Loan A, Term Loan B, and Revolving Credit Facility commitments—from major global banks such as BNP Paribas, HSBC, Goldman Sachs, and J.P. Morgan.

Ferrari called the financing “an endorsement of our strategy” and said it strengthens Bending Spoons’ ability to “acquire and transform digital businesses worldwide with a long-term view.”

Advisors on the deal include Greenhill, Wells Fargo, and Willkie Farr & Gallagher LLP for Bending Spoons, while Yahoo was advised by J.P. Morgan Securities LLC, Allen & Company LLC, Latham & Watkins LLP, and Paul, Weiss, Rifkind, Wharton & Garrison LLP.

-- BERNAMA