Skype Cancels IPO To Clear Way For Microsoft Sale

SAN JOSE (CBS/AP) – Internet calling service Skype has cancelled its IPO now that it’s agreed to be sold to Microsoft for $8.5 billion.

Skype served notice that it was withdrawing its initial public offering of stock in a Friday filing with regulators.

The IPO became moot last week after Skype accepted Microsoft’s takeover offer. Skype, currently owned by investment funds and eBay, had filed its plans to go public last August.

Microsoft Corp. hopes to complete the Skype purchase by year-end. It will be the most expensive acquisition in Microsoft’s 36-year history.

About 170 million people worldwide use Skype for video calls and phone chats.

Microsoft plans to weave Skype into its Outlook e-mail, software for mobile phones and xBox 360 video game console.

(Copyright 2011 by CBSSan Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services may have contributed to this report.)

Comments

Leave a Reply

Fill in your details below or click an icon to log in:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS San Francisco

Get The New CBS SF Bay Area Local App
Got Our Weather App?

Listen Live