Telefonica confirms Tuenti stake acquisition

News Broadband Spain 5 AUG 2010
Telefonica confirms Tuenti stake acquisition
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.

Categories:

Internet

Companies:

Telefonica- Movistar,  Tuenti

Countries:

Spain

Tags:

Messaging, Shareholders & subsidiaries, Portals / social media, Internet Access, Wholesale, M&A buyouts & divestments

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