Microsoft is about to finalize a deal to purchase Internet phone company Skype Technologies for more than US$7 billion, reports the Wall Street Journal. The deal may be announced today.

With the acquisition Microsoft would have a recognized brand name on the Internet just in time as it is struggling to have more share in the consumer market, The Wall Street Journal said in a report late Monday.

Microsoft and Skype could not be immediately reached for comment. Both companies declined to comment to the WSJ.

Last week it was reported that Facebook, Cisco and Google were among those who considered some sort of joint venture with Skype.

The company is currently owned by an investor group led by Silver Lake, and which includes among others eBay Inc, and Skype founders Niklas Zennstrom and Janus Friis, it said on its web site.