World Kinect Corporation Announces Sale of the Avinode Group and Portfolio of Aviation Software Products for approximately $200 million

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 transaction should provide us with additional liquidity to invest in our core distribution platform and emerging sustainability offerings.”

The closing of the transaction is subject to customary closing conditions, including regulatory approvals, and is expected to be completed within the next 60 days.

The company will provide more details related to this transaction at tomorrow’s Investor Day program which will begin at 9:00AM ET at the JW Marriott Essex House in New York City and will also be available via webcast. At the event, World Kinect leaders will also discuss the Company’s growth strategy and financial outlook, including medium-term financial targets to drive attractive long-term shareholder returns. Participants can access the live webcast or participate in person by registering using the following link https://irday.worldkinect.com/registration. A replay of the webcast will be available on our Investor Relations website at https://ir.worldkinect.com.

About World Kinect Corporation

Headquartered in Miami, Florida, World Kinect Corporation (NYSE: WKC) is a global energy management company offering fulfillment and related services to more than 150,000 customers across the aviation, marine, and land-based transportation sectors. We also supply natural gas and power in the United States and Europe along with a growing suite of other sustainability-related products and services.