Apple and Google are joining forces to buy $500 million Kodak patents

Back in July we reported Apple and Microsoft were teaming up against Google, Samsung, and other Android manufacturers to buy Kodak patents. Turns out that no longer holds true.

According to a Bloomberg report, Apple and Google are joining forces to put forth a bid to purchase Kodak’s imaging patent portfolio. Kodak has seen better days, as the reason for the sale of the patents is bankruptcy. The company has secured $830 million for exit financing, but this is contingent on the sale of the imaging patents for at least $500 million.

That’s where Apple and Google come in, as their joint offer for patent portfolio is reported to be $500 million. It might seem strange at first to hear that the two companies are working together when the news is always filled with stories of Apple and Google’s indirect legal battles through Samsung (and other Android manufacturers), but this is in the best interest of both parties. Obtaining these patents could prevent further litigation, or a price hike due to a bidding war for the portfolio.

If the deal pushes through, Kodak will be able to exit bankruptcy in 2013.

[via Bloomberg]

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