Silver Lake

Microsoft Corp. and Skype Global S.a r.l have entered into a definitive agreement under which Microsoft will acquire Skype for $8.5 billion in cash from the investor group led by Silver Lake. The agreement has been approved by the boards of directors of both Microsoft and Skype. eBay had acquired Skypein 2005 under Meg Whitman approximately $2.6 billion. It then sold 70% of Skype for $1.9 billion in 2009 to an investor group led by Silver Lake that included Index Ventures, Andreessen Horowitz and the Canada Pension Plan (CPP) Investment Board in a deal valuing the business at $2.75

Sears has announced that Lou D’Ambrosio will assume duties today as chief executive officer and president. D’Ambrosio, a former CEO of telecommunications company Avaya Inc., was named to the posts yesterday. Over the last six months, he worked as a consultant to the Sears board on strategic and operational matters, the company said.