Microsoft has closed its acquisition of Skype for $8.5 billion. Boards of directors of both Microsoft and Skype previously approved the acquisition.

Microsoft and Skype said that they would remain focused on their shared goal of connecting all people across all devices and accelerating both companies' efforts to transform real-time communications for consumers and their enterprise customers.

Skype CEO Tony Bates will assume the title of president of the Skype Division of Microsoft immediately, reporting directly to Ballmer, Microsoft said.

The Skype division will continue to offer its current products to users globally. Longer term, Skype will also be integrated across an array of Microsoft products to broaden Skype's reach.

Skype employees will continue to be located around the world in offices including Estonia, the Czech Republic, Russia, Sweden, the United Kingdom, Luxembourg, Japan, Singapore, Hong Kong, and the United States.