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

May 3, 2024
The buyer is CAMP Systems International.

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.”