Italy’s Bending Spoon Acquires AOL From Apollo

Core Insights - Bending Spoons, an Italian app developer, has agreed to acquire AOL from Apollo Global Management, marking a significant expansion into aging American internet brands [2][3] - The acquisition is valued at over $1.4 billion, with Bending Spoons raising $2.8 billion in debt to finance the deal and future acquisitions [3][5] - AOL continues to have a substantial user base, with over 30 million monthly users and expected annual revenue of $400 million [5][6] Company Overview - Bending Spoons has previously acquired other American internet brands such as Evernote, Meetup, and Brightcove, indicating a strategic focus on revitalizing older digital properties [2][3] - The company aims to enhance AOL's email platform and homepage, which remains one of the most visited websites in the U.S. [3][4] - Bending Spoons is also expanding its user base, which currently stands at 300 million monthly users, and anticipates revenue of $1.2 billion this year [7] Historical Context - AOL was originally launched in 1989 and became widely known for its dial-up service and the iconic "You've Got Mail" jingle [6] - Apollo acquired AOL in 2021 as part of a $5 billion deal that included Yahoo, highlighting the brand's long history and previous ownership changes [5][6] - The acquisition by Bending Spoons represents a continuation of AOL's complex history in the tech industry, including a disastrous merger with Time Warner in 2001 [6] Financial Aspects - Bending Spoons has raised approximately $4 billion in debt and $155 million in equity this year, indicating strong financial backing for its acquisition strategy [8] - The company is valued at over $4.9 billion, making it Italy's most valuable tech startup, as noted by a significant investment increase from Scottish fund manager Baillie Gifford [8]