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Boeing has agreed to sell parts of its digital aviation unit to private equity group Thoma Bravo for $10.55bn as the US group seeks to bolster its financial position.
Virginia-based Boeing said on Tuesday it had agreed to sell its digital aviation solutions business – including its Jeppesen assets, which provide navigation products and software – to Thoma Bravo in an all-cash transaction.
The planned disposal is part of an effort by Kelly Ortberg, who took over as Boeing’s chief executive in August, to streamline the aerospace and defence group, which has struggled to recover after a series of safety scandals in recent years.
The transaction is an “important component of our strategy to focus on core businesses, supplement the balance sheet and prioritise the investment grade credit rating,” Ortberg said in a statement.
Thoma Bravo, a specialist technology investor with $179bn in assets, is making a large bet in a new industry believing that the unit possesses predictable revenues, similar to software licenses.
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