Microsoft's Steve Ballmer and Skype's Tony Bates explain the deal.
Microsoft has been cleared by U.S. antitrust regulators to complete its deal to buy Skype Global.
Microsoft surprised industry observers when it announced May 10 it would pay $8.5 billion for Skype. Officials at the U.S. Federal Trade Commission granted the deal "early termination" from regulatory review, according to the government.
Microsoft is buying the Internet calling service from an investor group led by Silver Lake that included eBay Inc.
The deal has been approved by both companies' boards of directors. Microsoft will use Skype's technology to support Microsoft devices including the Xbox and Windows Phone and Microsoft will connect Skype users with Lync, Outlook and Xbox Live.
Microsoft said it will continue to invest in and support Skype clients on non-Microsoft platforms.
Industry analysts have been examining how the deal will impact other players in the Web-based video conferencing market. This includes companies such as New York-based ooVoo LLC, which is owned by Dayton, Ohio, billionaire Clay Mathile and his family.
With the video chat industry lacking in interoperability, observers say the way Microsoft handles the Skype acquisition will either provide a big boost to the entire industry or make life tougher for smaller players that compete with it, such as ooVoo.
Either way, the outcome of the Microsoft/Skype deal could fuel growth at ooVoo, which has ballooned to 25 million registered users. During the past 60 days, the company has added 3 million users and nearly doubled its count from last summer.
Launched in 2007, ooVoo has invested more than $50 million in technology and grown to 80 employees, including a service office in Atlanta and a research and development site in Israel.
As a result of new activity in cloud computing and mobile video communications, ooVoo plans to add 30 workers in Israel and recently hired three new executives including Matt de Ganon as chief marketing officer. De Ganon had been serving as a senior vice president at The Weather Channel.
Microsoft's surprise announcement of the Skype deal in May came after heated speculation that Google Inc. and Facebook Inc. were the frontrunners for a deal to buy Skype for what was estimated to be between $3 billion to $4 billion at the time.
One news service reported that one source said Facebook CEO Mark Zuckerberg has discussed a possible acquisition internally.
Skype filed for an IPO last August but put that on hold after it hired former Cisco Systems Inc. Senior Vice President Tony Bates as CEO.
Cisco Systems was also reported to be interested in buying Skype last summer. Reuters reported that companies such as Apple Inc. and Google both have eyed rival projects similar to Skype.
Related coverage: Is Microsoft paying too much for Skype?
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