Boeing Co (NYSE:BA, ETR:BCO) announced that it has entered into an agreement to sell portions of its Digital Aviation Solutions business to the software investment firm Thoma Bravo for approximately $10.55 billion in cash.
The sale encompasses Jeppesen, a leading provider of navigation solutions and software for aviation, as well as other digital aviation businesses such as ForeFlight, AerData, and OzRunways.
Boeing said it will retain essential digital capabilities that support maintenance, diagnostics, and repair services for commercial and defense customers.
"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 Kelly Ortberg said in a statement on Tuesday.
Holden Spaht, Thoma Bravo managing partner, said the company was proud to be investing in Jeppesen.
"With a heritage dating back to the 1930s, Jeppesen has been at the forefront of technological innovation for nearly a century. We are excited to build on this track record and power its next phase of growth,” Spaht said.
The sale is expected to close by the year-end.
Shares of Boeing rose 1.6% following the announcement Tuesday morning.