World Kinect Corporation Announces Sale of the Avinode Group and Portfolio of Aviation Software Products for approximately $200 million
World Kinect Corporation (WKC)
Company Research
Source: Business Wire
MIAMI--(BUSINESS WIRE)--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. “We look forward to providing an update on our unique position in the markets we serve and our clear strategy to capture opportunities across our three business segments at our upcoming Investor Day.”“In the short-term, we plan to use the net proceeds from this strategic sale to repay debt, reducing our annual run rate of interest expense by approximately $10 million,” stated Ira M. Birns, Executive Vice President and Chief Financial Officer. “Longer term, this transact
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News
- World Kinect Corporation Completes Sale of the Avinode Group and Portfolio of Aviation Software ProductsBusiness Wire
- World Kinect Corporation Reports First Quarter 2024 ResultsBusiness Wire
- World Kinect Co. (NYSE: WKC) had its price target raised by analysts at Raymond James from $30.00 to $32.00. They now have an "outperform" rating on the stock.MarketBeat
- World Kinect Corporation to Host First Quarter 2024 Earnings Conference Call on April 25, 2024Business Wire
- World Kinect Co. (NYSE: WKC) had its price target raised by analysts at Bank of America Co. from $23.00 to $26.00. They now have an "underperform" rating on the stock.MarketBeat