eBay Closes Sale of Skype for $2 Billion
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EBAY
SAN JOSE, Calif. (TheStreet) -- eBay(EBAY) completed the sale of Internet phone service Skype for about $2 billion.
The buyer group, which will control a stake of about 70%, was led Silver Lake and includes Joltid Ltd., the Canada Pension Plan Investment Board and Andreessen Horowitz. Last week, eBay settled a legal suit with Skype co-founders Niklas Zennstrom and Janus Friis which allowed the deal to move forward. The settlement gave Skype ownership of software that had been licensed from Joltid, the company Zennstrom and Friis founded. Zennstrom and Friis get a 14% stake in Skype under the settlement. The remaining members of the buyers group get a 56% stake. eBay, which will retain a 30% interest in Skype, said it received about $1.9 billion in cash and a note from the buyers in the principal amount of $125 million. The company also purchased senior debt securities with a face value of $50 million as part of a Skype debt financing. -- Reported by Joseph Woelfel in New York . Follow TheStreet.com on Twitter and become a fan on Facebook.- Loading Comments...
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