
The long-anticipated future of Eastman Kodak Health Group has now been cleared up. Eastman Kodak has reached an agreement to sell the unit for up to $2.55 billion to Toronto-based Onex Healthcare Holdings, a subsidiary of Canadian investment firm Onex.
Kodak will receive $2.35 billion in cash at closing, plus up to $200 million in additional future payments based on earnings. If Onex Healthcare investors realize an internal rate of return greater than 25% of their investment, the Rochester, NY-based firm will receive payment equal to 25% of that excess return, according to the companies.