Today’s a big day for Silver Lake Partners. In a keynote speech at Buyouts West, the firm’s co-founder and chairman Jim Davidson announced that Silver Lake closed its single largest investment in history. Yes, the Skype drama is officially over.
The deal received its final approval from Turkish antitrust authorities, he said, and it closed “this morning.” He didn’t get into any more detail on the deal, which met some roadblocks after the company’s founders sued to stop it. On November 6, Silver Lake and (most of) its partners settled with the founders, who will get a 14% stake in the transaction. The buy side was never sweating it, though–co-investor Mark Andressen told peHUB that there was “another route” to getting the deal done had the founders refused to settle. I’m guessing that’s code for counter-suing for some reason or another.
Silver Lake agreed to purchase the company from eBay alongside Andreessen Horowitz and the Canada Pension Plan Investment Board (CPPIB). That group now owns 56% of Skype, with eBay retaining 30 percent. Original consortium partner Index Ventures left as part of the founder settlement.
I’ll update with more color from Davidson’s speech shortly.