Avinode Group

World Kinect Corporation Completes Sale of the Avinode Group and Portfolio of Aviation Software Products

Retrieved on: 
Mercredi, mai 1, 2024
Other Energy, Software, Oil, Gas, Energy, Technology, Logistics, Supply Chain Management, Air, Transport, Sale, Avinode Group, Hearst Communications, WKC, FBO, Aviation

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.

Key Points: 
  • 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.”

World Kinect Corporation Announces Sale of the Avinode Group and Portfolio of Aviation Software Products for approximately $200 million

Retrieved on: 
Mardi, mars 12, 2024
Other Transport, Rail, Maritime, Air, Other Energy, Transport, Utilities, Oil, Gas, Logistics, Supply Chain Management, Alternative Energy, Energy, Hearst Communications, Webcast, FBO, Sale, Aviation, JW Marriott Essex House, WKC, Avinode Group

World Kinect Corporation (NYSE: WKC) announced today it has signed a definitive agreement to sell 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, for approximately $200 million in cash.

Key Points: 
  • World Kinect Corporation (NYSE: WKC) announced today it has signed a definitive agreement to sell 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, for approximately $200 million in cash.
  • “This sale represents another step in sharpening our portfolio, all while generating a solid return,” said Michael J. Kasbar, Chairman and Chief Executive Officer.
  • At the event, World Kinect leaders will also discuss the Company’s growth strategy and financial outlook, including medium-term financial targets to drive attractive long-term shareholder returns.
  • Participants can access the live webcast or participate in person by registering using the following link https://irday.worldkinect.com/registration .