Criterion Capital Partners, a merchant banking and financial advisory firm based in the US, has acquired the Bebo business, a youth-centric social media network, from AOL.
As part of the deal, CCP will assume the rights and complete operating control over the global social platform business. CCP will take over Bebo’s global operations immediately and retain a San Francisco-based headquarters.
Launched in 2005, Bebo was acquired by AOL in March 2008 for $850m. It is a social media network that combines community, connections, self-expression and entertainment via a range of social tools, games and a growing mobile platform.
Bebo has a strong user base across the globe, including in the US, the UK, Ireland, Australia, New Zealand, Canada, Poland, France, Germany, Italy, Spain, India, Pakistan and the Netherlands.
Tim Armstrong, chairman and chief executive officer of AOL, said: "Criterion Capital Partners are specialists in facilitating growth plans and turnarounds, and are well placed to drive Bebo’s effort to strengthen its foothold within the highly competitive social networking arena."
