Eastman Kodak has secured the sale of 1,100 digital imaging patents for $525 million, with licences to be issued to a group of 12 companies - reported to include Apple, Google and Samsung.
A portion of the cost for the portfolio will be split between the 12 licensees, which have been organised by Intellectual Ventures and RPX Corporation. Each licensee will receive rights with respect to the acquired intellectual property and “certain other Kodak patents”.
RIM, HTC, Huawei, Amazon, Facebook and Microsoft are also part of the consortium, according to the court filing seen by Bloomberg.
Another portion of the fee will be paid by Intellectual Ventures, which is acquiring the patents.
The proceeds from the patent sale will go towards Kodak’s efforts to exit bankruptcy in the first half of 2013. The sale of the patents, which cover digital image capture, manipulation and sharing, was one of the company’s restructuring objectives.
The agreement also settles litigation between the participants and Kodak, meaning the imaging company can save on potential legal costs. The company has previously taken action against parties including Apple, HTC, Samsung and RIM.
The transaction still needs to be approved by the Bankruptcy Court before it can be completed.
Apple and Google failed with two separate bids for Kodak’s patents in the summer. The earlier bids of between $150 million and $250 million were significantly lower than Kodak’s asking price of between $2.21 billion and $2.57 billion.