ROCHESTER, N.D., Dec. 19 (UPI) -- Bankrupt U.S. photography firm Kodak said it had sold its digital imaging patents to a consortium of firms for $525 million.
NBC News reported Wednesday that the consortium included technology heavy-weights Google Inc., Apple Inc., Fujifilm Corp., Research in Motion Limited, Facebook Inc., Samsung Electronics Co, and six other firms.
The sale is seen as a critical step in funding Kodak's ascension from bankruptcy, where it has been since January. However, the sale fell far short of the $2.6 billion Kodak had set as a target for the 1,100 patents.
By forming a consortium, the buyers were able to prevent a bidding war from driving the price higher.
Kodak's Chairman and Chief Executive Officer Antonio Perez still called the sale a success.
"This monetisation of patents is another major milestone toward successful emergence," Perez said.
The sale is subject to court approval.
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