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Microsoft to Acquire Skype for Over $8 billion

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In what is turning out to be the mother of all tech acquisitions, Microsoft is working towards acquiring IP telephony giant Skype Technologies for nearly US $8 billion, the deal could be announced later today, according to the Wall Street Journal. The Skype acquisition will give Microsoft increased traction in the consumer market, as part of the company's efforts to provide more web-based convergence services. The deal could be the most significant development after Bing, a polished successor of MSN Search. 

Skype is the company that propagated web-based telephony, which threatened to make conventional telephony obsolete. Founded in 2003, the company has 663 million registered users, including 8.8 million with paid accounts. In 2005, it was sold to Ebay for $2.6 billion, after which Ebay sold 70% of its shares to private investors by 2009. Microsoft is in the foray to acquire the company and its debt in a deal that can see up to $8.5 billion changing hands.

Source: Wall Street Journal

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