Boeing has confirmed that it has entered into a definitive agreement to sell portions of its digital aviation solutions business - including its Jeppesen, ForeFlight, AerData and OzRunways assets - to Thoma Bravo in an all-cash transaction valued at $10.55bn.
The manufacturer said it will retain core digital capabilities that harness both aircraft and fleet-specific data to provide commercial and defense customers with fleet maintenance, diagnostics and repair services.
"This transaction is an important component of our strategy to focus on core businesses, supplement the balance sheet and prioritize the investment grade credit rating," said Kelly Ortberg, Boeing president and chief executive officer.
The transaction represents a step forward in Boeing CEO Kelly Ortberg’s plan to raise capital by shedding non-essential business units.
This announcement comes after it was widely reported that Thoma Bravo was in advanced talks to acquire Boeing’s Jeppesen navigation unit, in a deal valued between $8-$9bn.
The transaction is expected to close by the end of 2025 and is subject to regulatory approval and customary closing conditions.
Citi is acting as exclusive financial advisor to Boeing, and Mayer Brown is acting as outside counsel. Kirkland & Ellis is acting as legal counsel to Thoma Bravo.