World Kinect Corporation Announces Sale Of The Avinode Group And Portfolio Of Aviation Software Products For ~$200M
Portfolio Pulse from Benzinga Newsdesk
World Kinect Corporation (NYSE:WKC) has agreed to sell the Avinode Group and its aviation software products to CAMP Systems International, a Hearst subsidiary, for about $200 million. The sale is part of WKC's strategy to focus its portfolio and will use the proceeds to repay debt, reducing interest expenses by $10 million annually. The deal is expected to close within 60 days, pending regulatory approvals.
March 12, 2024 | 8:41 pm
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World Kinect Corporation is selling its Avinode Group and aviation software products to CAMP Systems for approximately $200 million, aiming to sharpen its portfolio and reduce debt.
The sale of the Avinode Group and related software products is a significant strategic move for WKC, indicating a focus on core business areas and financial health improvement by reducing debt. The anticipated reduction in annual interest expenses by $10 million suggests a positive impact on WKC's financials, likely leading to a favorable investor perception in the short term.
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