Boeing has entered into a definitive agreement to sell portions of its Digital Aviation Solutions business—including its Jeppesen navigation unit, ForeFlight, AerData, and OzRunways assets—to private equity firm Thoma Bravo for $10.55 billion in cash. This transaction is part of CEO Kelly Ortberg’s strategy to reduce Boeing’s debt by divesting non-core assets and focusing on its core businesses. Boeing will retain key digital capabilities that provide fleet maintenance, diagnostics, and repair services to commercial and defense customers. The deal is expected to close by the end of 2025, subject to regulatory approvals and customary closing conditions. Read the full announcement.

Jeppesen, based in Englewood, Colorado, is a highly regarded navigation solutions provider that Boeing acquired in 2000 for $1.5 billion. The unit attracted strong interest from private equity firms and aerospace suppliers, with final bids exceeding $8 billion. Thoma Bravo ultimately won the auction, edging out rivals such as TPG, Advent, and Veritas. The acquisition marks one of the largest carve-out deals in the aerospace sector in recent years. See Reuters coverage.

Thoma Bravo, a software-focused investment firm managing approximately $179 billion in assets, views Jeppesen and the associated digital aviation assets as a platform with a rich heritage dating back to the 1930s. The firm aims to build on nearly a century of technological innovation and accelerate growth by leveraging its expertise in software and technology investments. Holden Spaht, Managing Partner at Thoma Bravo, expressed enthusiasm about powering the next phase of growth for these aviation assets. More details at CNBC.

Following the announcement, Boeing’s shares rose approximately 1.5%, reflecting investor approval of the company’s move to streamline operations and strengthen its balance sheet. Boeing continues to focus on its core manufacturing and digital services businesses while divesting non-essential assets, including its drone subsidiary Insitu and maintenance operations at Gatwick Airport, recently acquired by British Airways. Business Times report.

Citi served as exclusive financial advisor to Boeing, with Mayer Brown LLP as outside counsel, while Thoma Bravo was advised by Kirkland & Ellis LLP. Both parties have committed to ensuring a smooth transition for employees and customers as the deal progresses toward closing.

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