by Michelle Lentz
In case you didn’t know, eBay purchased Skype in 2005. Even at the time, a lot of people were sort of scratching their heads, but eBay apparently saw synergy where others did not.
Turns out, eBay ended up scratching their heads as well, and today the deal was announced. Skype has been sold to a group of private investors in a deal valued at $2.75 billion.
The buyer, who will control an approximately 65 percent stake, is an investor group led by Silver Lake and includes Index Ventures, Andreessen Horowitz and the Canada Pension Plan (CPP) Investment Board. eBay is expected to receive approximately $1.9 billion in cash upon the completion of the sale and a note from the buyer in the principal amount of $125 million. The company will retain an approximately 35 percent equity investment in Skype. The transaction, which is not subject to a financing condition, is expected to close in the fourth quarter of 2009.
It’s worth mentioning that eBay has lost a fair amount of money here – from the initial purchase valued at $4 billion to the money invested in Skype along the way. It looks like eBay is now adhering to the maxim of “do one thing and do one thing well,” as it is now left with the core online auction company and the complementary PayPal.
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