by InvestorPlace Staff | April 25, 2012 2:22 pm
Shutterfly Inc (NASDAQ:SFLY) is set to acquire Kodak Gallery for $23.8 million, as reported by the Wall Street Journal. Eastman Kodak has agreed to the deal after no bidders came forward with a higher bid for the online photo service.
Kodak Gallery has more than 75 million users that can store and share their own images and create photobooks, cards and albums.
Shutterfly made a $23.8 million stalking horse bid in early March setting the minimum bid for further offers.
Shutterfly plans to transfer Koday Gallery customer accounts and images in the U.S. and Canada to Shutterfly, but will allow customers to opt out of the transition if they choose.
Kodak continues to operate under Chapter 11 of the federal bankruptcy code as it prepares to relaunch itself as a smaller company.
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