'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.
Distributed for DMeurope.com via M2 Communications (www.m2.com)
[ Back To Mergers & Acquisitions's Homepage ]