BENDING SPOONS TO ACQUIRE AOL FOLLOWING $2.8B DEBT FINANCING

MILAN, Oct 31 (Bernama) -- 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.

“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.”