Microsoft acquire Skype for $8.5bn

Microsoft confirmed on Tuesday it has agreed an $8.5bn (£5bn) cash deal to buy internet telephony service Skype, the biggest deal in its 36-year history.

The acquisition will see Skype established as a separate business division inside Microsoft, dubbed Microsoft Skype, alongside XBox Live, Kinect and Windows Phone.

Tony Bates, the Skype chief executive, will become president of Microsoft Skype and report directly to the technology giant’s chief executive, Steve Ballmer.

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