(RTTNews) - World Kinect Corporation (WKC) said a subsidiary of the company has signed a definitive agreement with Universal Weather and Aviation to acquire their Trip Support Services division. The total purchase price is approximately $220 million, consisting of $160 million of cash payable at closing and $60 million payable over four years.
World Kinect expects the transaction to be approximately 7% accretive to adjusted earnings per share in the first year after closing, with further accretion expected over time as synergies are realized. The company expects to achieve approximately $15 million in annual net cost synergies by the end of the second year after closing.
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