Boeing has finalized a deal to sell parts of its Digital Aviation Solutions business, including Jeppesen, ForeFlight, AerData, and OzRunways, to Thoma Bravo, a Chicago-based software investment firm. The all-cash transaction is valued at $10.55 billion.

As part of the agreement, Boeing will retain its core digital capabilities that utilize aircraft and fleet-specific data for maintenance, diagnostics, and repair services. This will allow Boeing to continue providing predictive maintenance insights to its commercial and defense customers.

Boeing's CEO, Kelly Ortberg, emphasized that this sale aligns with the company's strategy to concentrate on its core businesses, improve its balance sheet, and maintain an investment-grade credit rating. Chris Raymond, CEO of Boeing Global Services, noted that the transaction allows the digital portfolio to focus on its strengths while ensuring customer needs are met.

Thoma Bravo's managing partner, Holden Spaht, expressed pride in investing in a significant technology platform within the aerospace and defense sector. He highlighted Jeppesen's long history of innovation and expressed excitement about supporting its future growth.

Scott Crabill, another managing partner at Thoma Bravo, remarked on the impressive growth transformation of the business and its strong momentum. He indicated that Thoma Bravo has a successful history of partnering with leading technology companies and looks forward to fostering the company's growth through strategic investments and operational best practices.

The Digital Aviation Solutions organization employs around 3,900 people globally, including those remaining with Boeing and those included in the sale. Boeing is collaborating with Thoma Bravo to ensure a smooth transition for employees while continuing to fulfill customer obligations.

The transaction is anticipated to close by the end of the year, pending regulatory approval and customary closing conditions. Citi is serving as the exclusive financial adviser to Boeing, while Mayer Brown LLP is acting as outside counsel. Kirkland & Ellis LLP is providing legal counsel to Thoma Bravo.