Boeing Offloads $10.55B in Aviation Software Assets to Thoma Bravo
Boeing has agreed to sell segments of its Digital Aviation Solutions business, including Jeppesen, ForeFlight, AerData, and OzRunways, to Thoma Bravo, a software-focused private equity firm, for $10.55 billion in cash.
The transaction, set to finalize by the end of 2025, supports Boeing’s strategy under CEO Kelly Ortberg to reduce its $58 billion debt, bolster its financial position, and prioritize core operations in commercial aviation and defense. Boeing will retain essential digital tools for fleet maintenance, diagnostics, and predictive repair services to support its customers.
The deal encompasses around 3,900 global employees, with Boeing and Thoma Bravo committed to a seamless transition while upholding customer commitments. Jeppesen, purchased by Boeing in 2000 for $1.5 billion, attracted strong interest from private equity and aerospace firms, with bids surpassing Boeing’s initial $6 billion goal, valuing the unit above $8 billion. Thoma Bravo prevailed over competitors including TPG, Advent, and Veritas.
Managing over $179 billion in assets, Thoma Bravo aims to fuel standalone growth through strategic investments and operational expertise, capitalizing on the business’s recent momentum. The agreement includes data-sharing and collaboration frameworks to ensure operational continuity. The sale underscores Boeing’s focus on core businesses amid challenges like U.S.-China trade tensions and reinforces its commitment to maintaining an investment-grade credit rating.
Citi served as Boeing’s exclusive financial advisor, with Mayer Brown LLP as legal counsel, while Kirkland & Ellis LLP advised Thoma Bravo.