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Skype gets freedom – now what?

Skype is now going to be an independent company like it always wanted. Owner eBay “unloaded” Skype for $2 billion in cash, but still holds 35 percent of the company. (Remember this, we’re coming back to it shortly).

The buying consortium is made up of Silver Lake Partners, Index Ventures, Andreessen Horowitz, and the Canada Pension Plan Investment Board.  According to word on the street, the purchasers anticipate a 2.75 billion IPO in the next 12-24 months.

Soo, let’s see, eBay gets $2 billion in cash ($1.9 billion now, and a note for the rest by the end of the year; easy enough to pay out of Skype’s cash flow and/or out of the investor’s pockets). It also holds 35% of I-Skype (Independent Skype), so it can get dividends and/or sell off public stock in bits and pieces, so there’s some pretty good upside there as well.

Net-net, eBay will likley come out neutral to black after the IPO and all the smoke clears. Kudos to eBay management for standing firm in the face of shilling by The Media and backdoor lobbying by Skype’s former owners to dump the company and run.

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