Software investment firm Thoma Bravo has emerged as the winning bidder for a slew of Boeing assets being divested, including Jeppesen, ForeFlight, AerData and OzRunways. The all-cash transaction, announced April 22, is valued at $10.55 billion, according to the companies.
The asset sales were long expected although details remained unclear until the latest announcement. Several bidders, including private equity firms, were believed to be jockeying for the available Boeing assets, with Jeppesen alone expected to fetch $6-8 billion.
Industry players reported to have eyed Jeppesen included GE Aerospace, Honeywell International, RTX and TransDigm Group.
“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,” Boeing CEO and President Kelly Ortberg said April 22 in a statement. On April 23, Boeing will report first-quarter 2025 financial results when Ortberg could be asked about further divestitures.
The selloffs were triggered after Ortberg’s appointment last August to take over and fix Boeing, which saw its debt pile spike in 2024 from the fallout of the 737 door plug blowout accident and the union labor strike around Seattle. Boeing started 2025 with cash and equivalents of $26.3 billion but also total debt of $53.9 billion.
Divestitures are expected to help Boeing’s balance sheet, with the proceeds reflected in future quarterly reports.
The transaction is expected to close by the end of 2025 and is subject to regulatory approval and customary closing conditions, according to the companies.
The digital asset sales punctuate Boeing’s return to its core aircraft roots. It bought Jeppesen in 2000, ForeFlight in 2019, AerData in 2014 and OzRunways in 2024.
Chris Raymond, chief executive of Boeing Global Services, said the deal enables all parts of the digital portfolio to focus on their core product and service strengths.
Scott Crabill, a Managing Partner at Thoma Bravo, said they look forward to supporting the company’s standalone growth objectives through strategic investments, operational best practices and a shared commitment to innovation and long-term value creation.
“The business has been through an impressive growth transformation in recent years and has strong momentum,” he said in the statement.
Boeing said around 3,900 employees work in its Digital Aviation Solutions organization worldwide, although that includes elements of the business remaining within Boeing and those included in the sale. Boeing is keeping core digital capabilities of aircraft and fleet-specific data relevant to commercial and military maintenance, diagnostics and repair services, including predictive and prognostic maintenance insights, according to analysts at Jefferies.
“Boeing is working with Thoma Bravo to help ensure as seamless of a transition as possible for employees while continuing to meet the needs of customers in accordance with all obligations,” the company said.
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