[horatiumocian]

1) Skype has stronger growth than when it was owned by eBay

2) When it was spun off by eBay, Skype acquired the IP of their P2P technology from the founders. This makes it more attractive to suitors

3) Skype has filed for an IPO, which would give its valuation a premium

These are the reasons that make Skype more valuable now than when it was spun off by eBay. If you add a bidding war between Facebook, Google and Microsoft, it explains the $7 billion valuation.

However, I agree that $7B is too much for Skype, unless there are great synergies for the acquirer.