Acquisitions and Divestitures

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

3. Acquisitions and Divestitures

2024 Acquisitions and Divestitures

There were no acquisitions during the three months ended March 31, 2024.

In March 2024, we executed a definitive agreement to sell the Avinode Group and our portfolio of aviation fixed-based operator software products ("the disposal group") for cash proceeds of approximately $200 million, subject to working capital adjustments. Avinode Group is the world's leading air charter sourcing platform. Closing of the transaction is subject to customary closing conditions and is expected to be completed during the second quarter. The sale is expected to result in a gain, after the reclassification of the cumulative translation adjustment to net income, that will be recognized upon closing of the transaction.

Prior to the sale, the disposal group was reported within the aviation segment. The sale did not meet the criteria to be reported as a discontinued operation, however the assets and liabilities within the disposal group met the criteria to be classified as held for sale as of March 31, 2024 and have been reclassified to Other current assets and Accrued expenses and other current liabilities, respectively, within our Condensed Consolidated Balance Sheet.

The following table summarizes the carrying value of the assets and liabilities classified as held for sale (in millions):


	March 31, 2024
Cash and cash equivalents	$	6.2
Accounts receivable, net	3.3
Prepaid expenses and other current assets	4.1
Property and equipment	19.5
Intangible assets, net	6.6
Goodwill	59.5
Other non-current assets	0.3
Total assets held for sale	$	99.5

Accounts payable	$	0.4
Accrued expenses and other liabilities	13.0
Other long-term liabilities	1.0
Total liabilities held for sale	$	14.3