Bending Spoons, one of Europe’s largest mobile app developers, announced on Wednesday that it has agreed to buy AOL from Yahoo, which is backed by private equity giant Apollo. Bending Spoons says it has secured a $2.8 billion debt financing package to support the purchase.

The acquisition is expected to close by the end of the year and is subject to 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, in a press release.

“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,” he continued. “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.”

The news doesn’t come as a surprise, as Reuters reported earlier this month that Yahoo was in talks to sell AOL to Bending Spoons for around $1.4 billion.

Wednesday’s news signals a new chapter for AOL, which was once one of the most recognized brands on the internet, known for its email service and “You’ve Got Mail” notification. AOL has had several owners over the past decades. It was owned by Time Warner from 2001 to 2009, and then by Verizon Communications from 2015 to 2021.

The acquisition marks Bending Spoon’s latest purchase in a string of other American brands like Vimeo, Evernote, Meetup, and more.