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Boeing sells DAS unit for $10.5 billion

Boeing on April 22, 2025, announced the sale of its Digital Aviation Solutions (DAS) business unit to Thoma Bravo, self-described as “a leading private equity investment firm building on a 40-plus-year history of providing capital and strategic support to experienced management teams and growing software and technology companies.”

The DAS divisions include Jeppesen, ForeFlight, Aerdata and OZRunways. The cash transaction is reportedly worth US$10.5 billion. “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,” said Kelly Ortberg, Boeing president and CEO.

The divestiture will impact some 3,900 employees associated with Boeing’s DAS business unit. Boeing said it is cooperating with buyer Thoma Bravo to effect as seamless a transition as possible with employees and customers in mind, including all contractual obligations. The transaction is expected to close by year-end, pending regulatory approvals and customary closing conditions.

“This enables all parts of the digital portfolio to focus on their strengths,” said Chris Raymond, president and Chief Executive Officer of Boeing Global Services. “Our commitment to meeting our customers’ needs is unwavering as we move forward with our core products and services to support their fleets.”

The first quarter of 2025 saw Boeing revenues of US$19.496 billion generating a net loss of US$31 million, a basic loss of USD $0.16 per share. Free cash flow was negative $2,290 million. While Boeing has Q1 2025 cash and investments of US$23.7 billion and consolidated debt of US$53.6 billion. The sale of DAS will help reduce Boeing’s net indebtedness.

Brad Surak, vice president of Boeing’s Digital Aviation Solutions, added: “This is a pivotal moment in Boeing’s history. I’m proud to have been part of an iconic company like Boeing, and I’m excited about the opportunities our partnership with Thoma Bravo will unlock for Jeppesen, ForeFlight and OzRunways. We will continue to deliver on our customer commitments and work to achieve our vision of pioneering the future of flawless flight.”

Citi is acting as exclusive financial advisor to Boeing, and Mayer Brown LLP is acting as outside counsel. Kirkland & Ellis LLP is acting as legal counsel to Thoma Bravo.

“We are proud to be investing in such an important technology platform in the broader aerospace and defense industry,” said Holden Spaht, a Managing Partner at Thoma Bravo. “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.”