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TMCNet:  'Telefonica confirms Tuenti stake acquisition'

[August 05, 2010]

'Telefonica confirms Tuenti stake acquisition'

Aug 05, 2010 (DMEUROPE via COMTEX) -- Telefonica has acquired a stake in Spanish social networking company Tuenti. Via the Tuenti acquisition, Telefonica plans to expand its reach into internet-based communication technologies. Tuenti's management structure would remain unchanged, and Zaryn Dentzel will maintain his position as Tuenti CEO, Telefonica said. Telefonica did not release any financial details related to the transaction. Earlier media reports suggested the company paid around EUR 70 million for a 90 percent stake in Tuenti.
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