"Still, promised synergies with eBay's core operations never materialized, and efforts to monetize the vast base of users have been largely ineffective. eBay took a $1.4 billion write-down on Skype in 2007 and acknowledged that it wasn't a good fit.

"But that's not to say the company couldn't be more valuable in the hands of a private, motivated ownership team. Fortunately, eBay isn't completely severing its ties. In fact, it's only unloading 65% and retaining a sizable 35% stake.

"That values Skype somewhere in the neighborhood of $2.75 billion -- below eBay's initial $3.1 billion purchase price, but significantly more than most M&A analysts were anticipating. Skype's founders reportedly came forward with a lowball $2 billion bid earlier this year.

"While the initial reaction to the deal has been lukewarm, we view this as an ideal exit strategy for a venture that soured long ago. In one fell swoop, eBay has recouped nearly all of its initial investment, while still keeping a large chunk of this fast-growing enterprise in its back pocket for another day.

"In the meantime, with this tiresome distraction now out of the way, management can devote all of its attention and resources to reinvigorating its core auction business.

"At some point (once Skype's intrinsic value climbs sufficiently higher), we expect to see the new private owners cash in with an eagerly anticipated IPO, and one-third of the benefits will fall to eBay.

"In the meantime, the proceeds of this transaction will boost the firm's cash supply to $4.5 billion -- so a meaningful stock buyback could be in the works. All in all, it looks like a positive for eBay shareholders. We continue to like the stock at these prices."

Steven Halpern's TheStockAdvisors.com offers a free daily overview of the favorite stock picks and investment ideas from the nation's leading financial newsletter advisors.