eBay to Sell Most of Skype

(Reuters) – EBay has signed a definitive agreement to sell Skype in a deal valuing the communications business at $2.75 billion.

Here are the highlights. eBay:

* Says to receive approximately $1.9 billion in cash; retain approximately 35 percent stake.

* Says buyer is investor group led by Silver Lake.

* Says buyer is investor group includes Index Ventures, Andreessen Horowitz, Canada Pension Plan investment board.

* Says transaction not subject to financing condition, expected to close in the fourth quarter of 2009.

* Says is expected to get about $1.9 billion cash upon completion of sale, note from buyer in principal amount of $125 million.

* Says buyer will control an approximately 65 percent stake.