As expected, Apple, Google and other win as Kodak sells patents to Intellectual Ventures and RPX Corporation. Kodak announced today that it has completed a series of agreements which leads to monetize its digital imaging patents. As per agreement, Kodak will receive approximately $525 million, a portion of which will be count on paying Intellectual Ventures and RPX Corporation – a consortium backed by Google, LG and HTC – for 12 intellectual property licensees.
“This monetization of patents is another major milestone toward successful emergence,” Antonio M. Perez, Chairman and Chief Executive Officer, said. “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.”
The company notes that the “monetization of IP assets further builds on its momentum toward a successful emergence in the first half of 2013.” The twelve licensees includes Apple, Google, Samsung, HTC, Faceboook, Fujifilm and Microsoft and other tech giants which joined forces in their respective fields and will help Kodak recover from its recent bankruptcy.