A consortium of companies led by Apple and Google have won court approval to buy a block of Kodak patents for $527 million, a far cry from the $2 billion that Kodak was seeking.
With today’s court approval Google, Apple, and other tech companies can start the process of buying and divvying up the patents for themselves:
Technology companies including Apple Inc. (AAPL) and Google Inc. (GOOG) won court approval of a $527 million deal for Eastman Kodak Co. (EKDKQ) patents that are being sold as part of Kodak’s bid to exit bankruptcy protection.
The agreement, approved at a hearing today by U.S. Bankruptcy Judge Allan Gropper in Manhattan, is worth less than the more than $2 billion value of the patents estimated by a Kodak advisory firm. Gropper acknowledged that the company was “disappointed” in the price.
“But we’re moving the case forward, so we should be optimistic,” he said.
Instead of trying to out bid each other (as Google and Apple did with Nortel Patents), they banded together to not reduce their own costs per patent, but for the package as a whole.
HT: Cult of Mac
Photo from Flickr by Terri Monahan.