At first glance, Microsoft’s purchase of Skype for around $8.5bn looks pretty punchy: an adjusted-ebitda multiple of 32 times for a lossmaking company that Ebay failed to make work at less than half the price six years ago.

But six years is a long time on the internet and with Google and Facebook also reportedly sniffing around, the strategic value to Microsoft could – if it pulls off the integration challenge – make the deal look almost reasonable. For Microsoft more than either of its counter-bidders, Skype could form the glue between its PC, mobile and gaming businesses that it has hitherto lacked.