Apollo Global Management, Blackstone, Ares Management, Blue Owl Capital, KKR, JPMorgan Chase private credit unit will finance the transaction with a 4 billion direct lending facility
On 23 April, Wednesday, NYSE-listed aerospace group Boeing announced the sale of Jeppesen, ForeFlight, AerData, OzRunways, and other Digital Aviation Solutions assets to US software-focused private equity Thoma Bravo that will pay in cash the 10.55 billion US Dollars (press release).
Bloomberg said that Apollo Global Management, Blackstone, Ares Management, Blue Owl Capital, KKR, and JPMorgan Chase private credit unit will finance the deal with a 7-years unitranche line of 4 billion with a spread of 475 bps on top of the reference rate. Apollo will invest in this transaction the resources of the 25 billion private credit partnership that its subsidiary Athene signed with Citigroup and Abu Dhabi’s Mubadala (press release).
Citigroup also advised Boeing with Mayer Brown. Thoma Bravo retained Kirkland & Ellis. The closing may take place by the end of 2025 upon the approval of the authorities and the usual conditions.
This sale is part of Boeing’s ceo Kelly Ortberg divestment strategy of non-core assets for allowing the group to strengthen its balance sheet.
Holden Spaht, managing partner of Thoma Bravo, said: “We are proud to invest in such an important technology platform for the aerospace and defence industry. With a tradition dating back to the 1930s, Jeppesen has been at the forefront of technological innovation for almost a century. We are excited to build on this track record and fuel its next phase of growth.”
Scott Crabill, managing partner of Thoma Bravo, pointed out: “The company experienced an impressive growth transformation in recent years and has strong momentum. Thoma Bravo has a long track record of supporting leading technology companies in partnership with existing management. We look forward to supporting the company’s stand-alone growth objectives through strategic investments, operational best practices and a shared commitment to innovation and long-term value creation.”
