Apple and Google named in $500m joint Kodak patent bid

Apple and Google have been named as potential joint buyers for patents being auctioned by Kodak.

A report from Bloomberg cited unnamed sources in reporting that the two firms have joined forces to make a joint bid of $500m to acquire the company's patents. Kodak is currently in the midst of the confidential auction as part of its bankruptcy proceedings.

Kodak has long been seeking to auction off its intellectual property holdings. The one-time photography giant announced earlier this year that it would be selling off its patent holdings in an effort to pay off outstanding debts.

Apple and Google have long been thought to be interested in the auction for Kodak patents. The two were named as potential buyers earlier this year during the initial auction phase. Kodak has since extended the deadline after initial bids fell short of expectations.

Kodak and Apple have butted heads at times over the course of the auction. Kodak accused Apple of using lawsuits to drive down the value of its patents and gain an advantage in the auction process.

A joint deal would also represent a possible thaw in the relationship between Apple and Google. The two firms were believed to have been at odds over competition and allegations of patent infringement in the iOS and Android platforms.

Earlier this year Apple was listed among the group of firms who acquired $4.5bn worth of patents from Nortel, thwarting Google's attempts to acquire the trove.