World Kinect Corporation Completes Sale of the Avinode Group and Portfolio of Aviation Software Products
World Kinect Corporation (NYSE: WKC) announced today it has completed the sale of the Avinode Group , the world’s leading air charter sourcing platform, and its portfolio of aviation FBO software products to CAMP Systems International, Inc., a wholly-owned subsidiary of Hearst.
- World Kinect Corporation (NYSE: WKC) announced today it has completed the sale of the Avinode Group , the world’s leading air charter sourcing platform, and its portfolio of aviation FBO software products to CAMP Systems International, Inc., a wholly-owned subsidiary of Hearst.
- World Kinect received gross cash proceeds at closing of approximately $200 million, and expects to report a one-time after-tax gain of approximately $75-80 million in the second quarter.
- “We are pleased to close on this strategic sale – another example of our efforts to sharpen our portfolio,” said Ira M. Birns, Executive Vice President and Chief Financial Officer.
- “In the short-term, this transaction provides us with liquidity to reduce our annual run-rate of interest expense by approximately $10 million and, longer-term, the transaction provides additional capital to invest in synergistic opportunities in our core business.”