by Christopher Freeburn | December 19, 2012 11:12 am
Bankrupt Kodak (PINK:EKDKQ) has agreed to sell a portfolio of digital imaging patents to a group of companies.
The group, which includes patent licensees Google (NASDAQ:GOOG), Apple (NASDAQ:AAPL), Research in Motion (NASDAQ:RIMM), Samsung, Microsoft (NASDAQ:MSFT), Facebook (NASDAQ:FB) and Amazon (NASDAQ:AMZN), will pay $525 million for the portfolio of patents, Bloomberg noted.
Kodak had previously said the patents were worth about $2.6 billion. The company noted that it still owns 9,600 other patents.
The sale of the patents was a crucial step for Kodak, which hopes to emerge from bankruptcy early next year. In order to get $830 million in financing, the company had to sell the patents for at least $500 million by the end of January. It must also find buyers for two businesses.
Kodak is shedding a number of assets, including its photo kiosk, commercial scanner and consumer film businesses and will leave the ink-jet market.
By partnering with each other for the Kodak patents, the technology companies involved in the group lower the chances of subsequent patent infringement litigation.
Source URL: http://investorplace.com/2012/12/kodak-sells-off-patents-for-525m/
Short URL: http://invstplc.com/1nu0ABT
Copyright ©2014 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.