Skype Cancels IPO To Clear Way For Microsoft Sale

May 21, 2011 - 21:19
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Skype Cancels IPO To Clear Way For Microsoft Sale
Skype Cancels IPO To Clear Way For Microsoft Sale

SAN FRANCISCO — Inteet 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.

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Mike Gallagher Mike Gallagher is a Georgia-based freelance journalist covering local news, community developments, and regional issues that matter most to residents across the state. Writing for Georgianewsday.com since 2016, Mike has built a reputation for clear, balanced reporting and a strong connection to the communities he serves. His work spans city council decisions, school board updates, small business features, public safety reports, and statewide policy changes. In addition to local coverage, Mike occasionally reports on state politics and national headlines, offering readers context on how broader decisions impact Georgia communities. Known for his steady, fact-driven approach, Mike prioritizes accuracy, fairness, and accessibility in every story. Whether covering a town hall meeting or breaking political developments, he aims to inform readers with clarity and integrity. Outside the newsroom, Mike remains actively engaged in Georgia’s civic landscape, always seeking the next story that shapes the state’s future.