Friday November 6, 02:41 PM
UPDATE 1-eBay says Skype founders reach settlement
NEW YORK, Nov 6 (Reuters) - EBay Inc (NASDAQ: EBAY - news) said on Friday private investors looking to buy its Web telephony unit Skype
settled litigation with Skype's founders, who will get a 14-percent stake in the Internet phone service in the transaction.
EBay said the investor group led by Silver Lake reached a settlement agreement with Joltid and Joost, the companies of Skype founders Niklas Zennstrom and Janus Friis.
Under the agreement, Silver Lake and investors including Andreessen Horowitz and the Canada Pension Plan Investment Board (CPPIB), will together hold 56 percent of Skype and eBay will retain 30 percent.
The investor group will no longer include Index Ventures. The Skype founders filed a lawsuit accusing Index and its partner Michelangelo Volpi of using confidential information in their bid to acquire a 65 percent stake in Skype.
Under the deal, eBay will get approximately $1.9 billion in cash and a note from the buyer worth $125 million. The deal values Skype at $2.75 billion and is not subject to a financing condition. It is expected to close in the fourth quarter of 2009, eBay said.
(Reporting by Sinead Carew; Editing by Derek Caney) Keywords: SKYPE/EBAY
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