Apple, Google snag IP in $525M Kodak patent sale
Kodak today announced that a consortium organized by Intellectual Venture and RPX Corp. have agreed to pay approximately $525 million for the purchase and license of patents.
Intellectual Ventures counts heavyweights Apple and Google as members. The company has reportedly raised more than $5.5 billion form the likes of Microsoft, Intel, Sony, Nokia, Apple, Google, SAP, Nvidia and eBay.
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, 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.
Kodak said the deal also includes an agreement to settle current patent-related litigation between the participants and Kodak. Kodak had filed patent suits against a number of companies, including Apple, over the past few years.
Today's proposed transaction is part of Kodak's restructuring in the wake of its Chapter 11 filing. The company has secured an agreement for interim and exit financing for its emergence from Chapter 11 restructuring.