Hedge fund Apollo has reached a deal to sell AOL to Italian tech holding group Bending Spoons in a deal valued at roughly $1.5 billion, Axios reported Wednesday From the report: AOL still drives hundreds of millions of dollars of free cash flow. Bending Spoons CEO Luca Ferrari said AOL has around 30 million monthly active users across its email and web content properties. That "incredibly loyal user base," as he called it, could be better served with greater investments in AOL's product and user experience, he noted.

[...] Bending Spoons is a privately held Italian holding company that acquires assets with large user bases and invests in their turnaround with technology improvements. The company tends to sit on their investments long term after acquiring them. Some of the other companies Bending Spoons has acquired include Vimeo, Evernote, WeTransfer, Brightcove.

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