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One of the most mystifying tie-ups in the technology sector was largely undone on Monday, when eBay announced it would sell its majority stake in Skype. Trumpeting the agreement as “attractive”, the online auctioneer said private investors had offered to buy 65 per cent of the net telephony firm in a deal that values it at $2.75bn (£1.7bn). Under the terms, eBay will receive $1.9bn (£1.2bn) in cash and a note for $125m from Skype’s new owners, who are led by private equity firm Silver Lake, while retaining a 35 per cent holding. For the auctioneer, the deal compares favourably to the one it was mocked for signing in 2005 to acquire Skype, whose founders made a bid to buy it back earlier this year, for $3.1bn. At the time, management at eBay were accused of being " insane " for spending such a hefty amount on a company that appeared to lack a snug fit with their own core business. Assurances from eBay, and Skype, followed as to what the tie-up would deliver – the most familiar being that buyers and sellers on the auction site would be able to speak as they trade. But on Monday, as it was unloading the communications firm, eBay finally admitted that Skype “does not have synergies” with either its e-commerce or online payment businesses. The admission of a strategic misfire explains why eBay made a $1.4bn write-down in Skype’s value in 2007, and follows its pledge to float the firm if it could not create it more value. Under its chief executive John Donahoe, eBay will now turn its attention to its main e-commerce platforms, including further growth of PayPal, the largest online payment service. Any upside that Skype goes onto achieve will still enrich eBay, who said the sale avoided “possible delays and market risk” of an initial public offering, which was planned for 2010. For Skype, the focus will be accelerating its already impressive growth, as it is now outside of eBay’s shadow and being led by investors, rich in both business and technical acumen. Sep 3, 2009 Email this article Printer friendly page Previous Page
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