Microsoft has finalized its talks with Skype and will announce a deal later today, according to reports.

The software giant will announce its acquisition of Skype in hours, a deal valued at around $8 billion according to the Wall Street Journal. Microsoft’s acquisition will provide the company with a key communications tool and a healthy user base. It’s not immediately clear how Microsoft plans to integrate Skype into its existing communications tools, like Windows Live Messenger and Lync, but Steve Ballmer will unveil the full details of the acquisition at around 8AM EDT.

Microsoft will likely marry its Kinect video service with Skype. The company has sold over 10 million of its Kinect devices into consumers homes. The strong presence of Kinect and Skype’s 145 million users will be beneficial for both parties. Skype has typically partnered with various webcam makers and TV manufacturers to bring their service into the living room. Microsoft will be able to bring its own Skype app to the Xbox 360 with full Kinect support. In the enterprise space, Microsoft could integrate Skype into its Lync communication tools. Last but not least, the company will almost certainly integrate Skype services into Windows Phone.

Microsoft has recently announced two key partnerships with rival firms. Nokia inked a deal that will see the company produce Windows Phone smartphones next year. The deal will boost Microsoft’s mobile credentials and could cement a strong market share for Windows Phone over the next few years. Microsoft also agreed a deal with BlackBerry manufacturer RIM that will see the company use Bing on its upcoming handsets. Microsoft’s Bing integration will be built directly into future versions of BlackBerry OS, allowing owners to search from their lock screens and use Bing maps for local search and directions. Microsoft is notorious for big partnerships and acquisitions but has typically shied away from big acquisitions in recent years. All Things Digital points out that Skype’s debt is $686 million, just under what Microsoft lost from its Online Services division in its most recent quarter.