New York, United States — Boeing plans to sell portions of its digital aviation solutions business to software-focused investment firm Thoma Bravo for $10.55 billion, the aerospace giant announced Tuesday.
Boeing said it will retain “core digital capabilities” to enable fleet maintenance and repair services for customers.
The transaction includes Jeppesen, an 81-year-old aviation navigation company that Boeing acquired in 2000.
Boeing chief executive Kelly Ortberg has described targeted divestitures as a way to improve the company’s financial position after a series of losses.
“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.
About 3,900 Boeing employees work in digital aviation solutions, the company said in a news release.
Boeing is working with Thoma Bravo “to help ensure as seamless of a transition as possible for employees” while continuing to serve customers, Boeing said.
With some $179 billion in assets under management, Thoma Bravo describes itself as one of the “largest software-focused investors in the world.”
Shares of Boeing rose 1.2 percent early Tuesday.