Boeing [NYSE: BA] announced on Tuesday it has reached a definitive agreement to sell portions of its Digital Aviation Solutions business—including navigation unit Jeppesen—to private equity firm Thoma Bravo for $10.55 billion in an all-cash deal.
The transaction includes Jeppesen, ForeFlight, AerData, and OzRunways, while Boeing will retain core digital capabilities essential for providing maintenance and diagnostics services to its commercial and defense customers. The divestiture forms part of CEO Kelly Ortberg’s broader strategy to reduce Boeing’s debt and refocus on core operations.
“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,” Ortberg said.
Jeppesen, based in Englewood, Colorado, drew strong interest from private equity firms and aerospace companies. The final valuation—approximately 16 times its projected 2025 EBITDA—reflects its strategic importance and long-term growth potential amid technological advancements in aviation.
The deal is expected to close by the end of 2025, subject to regulatory approvals and customary conditions. Thoma Bravo secured financing through a $4 billion loan package from direct lenders. The sale ranks among the largest carve-out transactions in recent years, comparable to Ball Corp’s $5.6 billion sale of its aerospace division in 2023.
Thoma Bravo Managing Partner Holden Spaht praised Jeppesen’s legacy of innovation, noting the firm’s plans to build on its momentum through strategic investments and operational best practices.
Approximately 3,900 employees currently work in Boeing’s Digital Aviation Solutions unit, including those transitioning to Thoma Bravo. Boeing and Thoma Bravo are working to ensure a smooth transition while maintaining service continuity for customers.
Citi acted as Boeing’s exclusive financial advisor, with Mayer Brown LLP providing legal counsel. Thoma Bravo was represented by Kirkland & Ellis LLP.
