The proposed transaction is pending the approval of the Bankruptcy Court.
Under the agreement, Kodak will receive money from 12 intellectual property licensees organized by Intellectual Ventures and RPX Corportation. Each licensee will receive rights with respect to the digital imaging patent portfolio and certain other Kodak patents.
The licensees include Apple, Research in Motion, Google, Samsung, Adobe Systems, HTC Corporation, Facebook, Fujifilm, Huawei Technologies, Amazon, Shutterfly and Microsoft.
Kodak Chief Executive Officer Antonio Perez said in a statement, "This monetization of patents is another major milestone toward successful emergence." The sale of its intellectual property for over $500 million satisfies one of the criteria Kodak had to meet in order to secure $830 million in funding to help the company emerge from Chapter 11.
The transaction also includes an agreement to settle current patent-related litigation between the participants and Kodak.