Akin Advises Kodak as It Completes Sale of Flexographic Packaging Division to Montagu

(New York) – Eastman Kodak Company and Montagu Private Equity LLP have announced the completion of the sale of Kodak’s Flexographic Packaging Division. Now part of Montagu’s portfolio, the division operates as a standalone company known as Miraclon. A team from Akin Gump advised Kodak in the deal.

Proceeds at close were approximately $320 million, which included the gross purchase price of $340 million less agreed indebtedness, other items and delayed proceeds related to a deferred close entity. The net proceeds from the transaction will be used by Kodak to reduce outstanding term debt, with the company expecting to refinance the remaining outstanding term debt.

The Akin Gump team was led by corporate partners Dan Fisher and Iain Wood and counsel Nicholas Houpt, and included the following:

• corporate partners Frederick Lee and Zachary Wittenberg; counsel Evan Goodman and Clare Joyce, and associates William Pelak, Doug Badini, John Sager, Sarah Withers, Penny Shumway and Alison Steed;
• international trade partner Wynn Segall;
• labor and employment partner Lauren Leyden, counsel Desireé Busching and associate Grace O’Donnell;
• tax partner Howard Jacobson and counsel Brandon Morris;
• employee benefits partner Aimee Adler and associate Aaron Farovitch;
• environment and natural resources practice group leader David Quigley and senior counsel Andrew Oelz;
• real estate partner John Allen Bain;
• antitrust partners Paul Hewitt and Corey Roush, senior counsel Stacy Kobrick and associate J. Matthew Schmitten; and
• cybersecurity, privacy and data protection practice co-leaders Michelle Reed and Natasha Kohne and counsel Michael Miller.

Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.

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