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Mio.tv an online entertainment and communication service provider has acquired Wamba, a Spanish social network. The cash for the acquisition was €4 million Euros. Wamba has been successful in raising €3 million from Morten Lund a coupe of years back who isstill fresh from going bankrupt. This will be good news for him as he will retain 40% shares. Meanwhile, Mio.tv is trying to bolster its stand in the market to become the first choice bilingual online portal for a countless users.