World Kinect Corporation has completed the sale of the Avinode Group, an 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.”
