Minnesota's Pohlad family acquires Polaroid majority ownership in $70 million deal

Associated Press

Minnesota's Pohlad family has acquired majority ownership of Polaroid in a $70 million deal.

Minnetonka-based Polaroid is best known for making instant cameras but now focuses on a range of electronic products. The company filed for bankruptcy in 2008.

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The Star Tribune reports (http://strib.mn/1viQ9RW ) a federal bankruptcy judge last week approved selling a partial ownership stake to the family and an undisclosed partner. The Pohlad group also acquired ownership from previous investors in Polaroid to gain control of about 65 percent of the company.

The transaction was completed Monday.

The Pohlads are one of the wealthiest families in Minnesota and have owned the Minnesota Twins baseball team since 1984.