The imaging pioneer has over 1100 patents and went into bankruptcy earlier this year.
While Google and Apple are major rivals and a partnership seems extremely unlikely, in the patent world it is sometimes necessary. Last year, Apple teamed up with Microsoft and RIMM to purchase $4.5 billion worth of Nortel patents in an effort to keep them away from Google.
"Apple and Google learned a lesson from the Nortel's auction," notes Richard Ehrlickman, former vice president of Intellectual Property at IBM. "They have decided to come together in this process to reduce the cost of purchasing the Kodak patents, while meeting their business needs."
Each company had led separate groups to bid on the patents before teaming up. Apple joined with Microsoft and offered about $350 million while Google teamed up with RSX and Asian Android makers while offering the same. The two decided to pay up whilst teaming up.
Kodak will be able to secure financing of $800 million and leave bankruptcy with the condition that they sell the patents for at least $500 million. Kodak had originally hoped to receive $2 billion for the basket of patents.
Written by: Andre Yoskowitz @ 8 Dec 2012 16:25
