Latino-targeting online entertainment and communication services provider Mio.tv has acquired Spanish social network Wamba for approximately €4 million euros with earn-outs according to various Spanish and Latin-American media.

Considering the fact that the startup had raised €3 million from early Skype investor and serial entrepreneur Morten Lund back in 2007, this isn’t exactly a home run for the Spanish company.

Nevertheless, this is good news for Lund, the colorful European web celebrity who TechCrunch UK earlier this year reported to be personally bankrupt after a series of investments gone awry. According to earlier reports, Lund retained 40% of Wamba shares in return for his investment.

Mio.tv aims to become the default bilingual online portal for the millions of latinos on the web, offering a slew of online video channels, gaming, social networks and communication services. The company’s Chairman and CEO, Manuel Garcia-Duran, told EuropaPress that Mio.tv is buying Wamba for its reach in the Latin-American community and cites 8.4 million registered users for the social network.