As Kodak sheds most of its businesses to focus on enterprise services and desktop printers, it is looking to sell its online picture service Photo Gallery.
Although the deal has not been officially finalized, Shutterfly will likely acquire the division, offering $23.8 million.
“The agreement comprises the initial, stalking horse bid in a Court-supervised auction process under Section 363 of the U.S. Bankruptcy Code that will ensure the maximization of value for the assets,” the press release states.
“Under the current agreement, current Gallery customers uncomfortable with being shipped off to Shutterfly will be able to opt out and either download their stored pics or buy them on DVDs. Otherwise, their accounts will be transferred in a way that is ‘preserved, and protected’ — that is to say, almost entirely unlike the way they’re handled on iOS and Android,” comments Engadget.
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