May 6 (Bloomberg) -- EBay Inc.’s initial public offering for Skype could value the Internet-calling service at more than $2 billion, Chief Executive Officer John Donahoe said.

“Two billion dollars would be a great steal,” Donahoe said today in a Bloomberg Television interview at a retail conference in Barcelona. “Skype is worth much more than that. There aren’t that many properties with that kind of growth.”

The San Jose, California-based company plans to hold an IPO for Skype in the first half of 2010. EBay, which paid $1.2 billion for South Korean online auctioneer Gmarket Inc. last month, will continue to look for acquisitions and expand in international markets, particularly in Asia, Donahoe said.

Donahoe declined to say whether EBay has had offers from other companies to buy Skype.

EBay has financed acquisitions by using its cash flow and hasn’t been affected by the credit squeeze, Donahoe said. The company generated $577.6 million in free cash in the first quarter.

“In times like these, strong companies get stronger,” Donahoe said. “We are not a very capital-intensive company and our balance sheet is very strong.”

EBay fell 4 cents to $17.15 at 4 p.m. New York time in Nasdaq Stock Market trading. The shares have advanced 23 percent this year.

To contact the reporter on this story: Ladka Bauerova in Paris at lbauerova@bloomberg.net

Last Updated: May 6, 2009 16:15 EDT