A London teenager has found himself at the center of today's hottest tech news, thanks to a multi-million pound deal with Yahoo. 

Earlier on Monday, the search giant revealed its plans to acquire Summly, the news reading iPhone app and brainchild of 17-year-old Nick D'Aloisio. Terms of the deal weren't made public, but sites like BBC News have predicted D'Aloisio will become one of the youngest self-made millionaires in the world. 

The app for Summly, which summarizes news from popular media companies, launched when D'Aloisio was only 15 and attracted more than a million pounds of investment, according to BBC News. Now the Wimbledon-based teen must decide what he'll do with all the money he's earned from his passion project. 

As he told The London Evening Standard: "I like shoes, I will buy a new pair of Nike trainers and I'll probably get a new computer, but at the moment I just want to save and bank it. I don't have many living expenses."

Since he's too young to be the company's director, the money will have to go into a trust-fund while D'Aloisio prepares for his A-level exams to get into university—and works his day job at Yahoo. He'll still remain the majority shareholder and have deals with 250 online publishers, including Rupert Murdoch's News Corporation, to manage. 

[via Summly]