Eastman Kodak Patents: A little more than a week ago, we talked about Apple Inc. (NASDAQ:AAPL) and Google Inc (NASDAQ:GOOG) joining forces to purchase Eastman Kodak’s patents out of bankruptcy for a reported $500 million.
Apple Inc. (NASDAQ:AAPL) Press Info
As strange as this partnership may seem, being that the two tech giants are competing in many arenas, the deal has closed at a price of $525 million.
More information on the sale is available on the Kodak website, thanks to a news release published by the company this morning.
Under the agreements, Kodak will receive approximately $525 million, a portion of which will be paid by 12 intellectual property licensees organized by Intellectual Ventures and RPX Corporation, with each licensee receiving rights with respect to the digital imaging patent portfolio and certain other Kodak patents. Another portion will be paid by Intellectual Ventures, which is acquiring the digital imaging patent portfolio subject to these new licenses, as well as previously existing licenses.
AppleInsider offers further clarification on the role of both companies in the process:
Apple Inc. (NASDAQ:AAPL) and Microsoft backed the Intellectual Ventures bid, while RPX Corporation had the support of Google Inc (NASDAQ:GOOG), LG and HTC. Other licensees included in the final deal are Samsung, Facebook, Adobe, and Amazon.
As you can see, Apple Inc. (NASDAQ:AAPL) and Google Inc (NASDAQ:GOOG) were not the only two tech companies to get in on the action.
In the same news release, Antonio M. Perez, Chairman and Chief Executive Officer, added the following:
This monetization of patents is another major milestone toward successful emergence. Our progress has accelerated over the past several weeks as we prepare to emerge as a strong, sustainable company. This proposed transaction enables Kodak to repay a substantial amount of our initial DIP loan, satisfy a key condition for our new financing facility, and position our Commercial Imaging business for further growth and success.
By selling these patents, Kodak is taking another step towards emerging from bankruptcy during the first half of 2013 with a strong focus on commercial imaging as opposed to consumer products and services.
Check back here for more updates on Eastman Kodak Patents.
More information on the prior development of this story can be found here: