Apollo Global Management is preparing to offload another legacy internet asset, with its portfolio company Yahoo in advanced talks to sell AOL to Italian technology firm Bending Spoons for about $1.4bn, according to a report by Reuters.
The deal, if completed, would mark a significant exit for Apollo, which acquired 90% of Yahoo from Verizon in 2021 in a $5bn transaction. AOL, once among the most recognisable consumer internet brands, has in recent years generated revenue from advertising and subscription services, including identity theft protection, password management, and malware protection.
A transaction would align with Apollo’s strategy of monetising parts of Yahoo while enabling Bending Spoons to expand its acquisitive growth model. The Milan-based app developer has been actively pursuing high-profile takeovers, including file-sharing service WeTransfer and a $1.38bn deal to take video platform Vimeo private last month.
The report cites unnamed sources as cautioning that while talks are advanced, no final agreement has been signed and the process could still collapse.
