Milan-based unicorn Bending Spoons is in advanced talks to buy AOL for $1.4bn from US firm Yahoo, Reuters reported citing sources familiar with the matter.
The final agreement for Bending Spoons to purchase the legacy media brand has not been signed, Reuters reported, and talks could still fall apart.
Yahoo is owned by private equity firm Apollo Global Management, which acquired a majority stake in the company in 2021 for $5bn.
Bending Spoons is a major acquirer, snapping up 50 startups since it launched in 2013. Last month, it agreed to acquire US online video platform Vimeo in an all-cash deal worth $1.38bn.
Previous acquisitions include cycling and hiking app Komoot, streaming platform Brightcove, file transfer platform WeTransfer and note app Evernote.
In August, the company secured more €500m in debt financing to fuel future acquisitions. Big-name backers like JPMorgan and Goldman Sachs underwrote the debt.
In an interview with Sifted, Bending Spoons CEO Luca Ferrari said the company is expecting to make revenue north of $1.1bn this year — and all of its businesses are profitable.
Ferrari also told Sifted in April that Bending Spoons had over $1bn to spend on at least three further acquisitions before the end of the year.
Sifted has approached Bending Spoons and Yahoo for comment.
