Microsoft closes Skype deal

Microsoft has finalised its acquisition of Skype, marking the close of negotiations for the $8.5 billion buyout first announced in May.

Microsoft closes Skype deal

The completion of the deal marked the official introduction of Skype as a new business division within Microsoft, with the company saying it was committed to the VoIP specialist’s core strengths.

“Skype is a phenomenal product and brand that is loved by hundreds of millions of people around the world,” said Microsoft CEO Steve Ballmer.

The Skype division will continue to offer its current services to users, but in the longer term it will also be integrated into an array of Microsoft products to broaden Skype’s reach and accelerate its growth.

Skype will continue to be managed by CEO Tony Bates, who will assume the title of president of the Skype Division of Microsoft, reporting directly to Ballmer.

The announcement follows approval of the deal by European regulators.

Skype has been passed around by investors since it was launched in 2003, first bought by eBay in 2005, and then acquired by an investment group led by Silver Lake in November 2009.

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