United States:
Settlement in Dispute Over Skype Will Allow Deal To Proceed
27 November 2009
Hughes Hubbard & Reed LLP
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We had recently written about how a
dispute over the ownership of certain IP threatened to derail
eBay's proposed sale of Skype. Reports last week have
revealed that Skype and parent eBay Inc. have reached a
definitive settlement agreement with Skype's founders that
resolves litigation over the critical GI technology necessary
to run Skype and removes the major obstacle that threatened the
$1.9 billion cash deal for Skype. Under the terms of the
settlement, Zennstrom and Friis will join the investor group and in
exchange for contributing Joltid's GI technology, they will
receive a 14 percent stake in Skype, effectively regaining part
ownership of their creation. The other investors will hold 56
percent of Skype with eBay to retain the remaining 30 percent. The
deal is expected to close in the fourth quarter of 2009.
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