Eastman Kodak Company and Shutterfly, Inc., an Internet-based social expression and personal publishing service, announced that there were no competing bidders to Shutterfly’s $23.8 million stalking-horse bid to purchase certain assets of Kodak’s Kodak Gallery online photo services business.
Following final approval by the bankruptcy court, the parties will contemplate promptly closing the acquisition. Following the closing, Shutterfly will work with Kodak to transfer Kodak Gallery’s U.S. and Canadian customers and images onto the Shutterfly platform.
“I’m excited to welcome Kodak Gallery’s customers to Shutterfly and look forward to working with the Kodak team to provide a smooth transition for their customers and offering them industry-leading products and customer service that will enhance the way they share and preserve everyday memories,” said Jeffrey Housenbold, Shutterfly’s president and chief executive officer.
In commenting on what the acquisition means for Shutterfly’s business, Housenbold added, “Our acquisition of Kodak Gallery is a perfect example of the consolidation that we believe will play an important role in helping Shutterfly solidify our leadership position in the social expression and personal publishing category. Moving forward, we will continue to expand our market position through organic growth and disciplined acquisitions that leverage our scale and scope economies, vertical integration, solid balance sheet and profitable business model.”
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