© Reuters.
MIAMI – World Kinect Corporation (NYSE: WKC), a global energy management firm, has reached an agreement to sell Avinode Group, a leading air charter sourcing platform, along with its aviation software products, to CAMP Systems International, Inc., a Hearst subsidiary, for $200 million in cash.
The transaction, pending regulatory approvals, is expected to close within 60 days. The deal is part of World Kinect’s broader strategy to refine its portfolio and increase returns. Chairman and CEO Michael J. Kasbar expressed anticipation for sharing updates on the company’s market position and strategy during the upcoming Investor Day.
Executive Vice President and CFO Ira M. Birns outlined the immediate use of the sale’s net proceeds for debt repayment, which is projected to reduce annual interest expenses by around $10 million. The strategic divestiture is also aimed to enhance liquidity, enabling further investment in World Kinect’s core distribution and emerging sustainability offerings.
Further details regarding this transaction and World Kinect’s growth strategy, financial outlook, and medium-term financial targets are to be discussed at the Investor Day event, which will be held at the JW Marriott Essex House in New York City and available via webcast.
World Kinect, headquartered in Miami, provides fulfillment services to over 150,000 customers across various transportation sectors and supplies and power in the U.S. and Europe, along with sustainability-related products and services.
This news is based on a press release statement from World Kinect Corporation.
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