Newsletter Edition 67
Apr 24, 2025
Thoma Bravo Nears $8B+ Acquisition of Boeing’s Jeppesen Unit
Tech-focused private equity firm Thoma Bravo is finalising a deal to acquire Boeing’s aviation navigation and software division, Jeppesen, in a transaction that could exceed $8 billion, according to a report by Bloomberg citing sources familiar with the matter.
An official announcement is expected later this week, marking one of Thoma Bravo’s largest forays into aerospace and aviation data services. The deal would align with the firm’s core strategy of investing in mission-critical software and tech-enabled businesses.
The planned divestiture is part of Boeing CEO Kelly Ortberg’s broader effort to streamline operations and reduce debt by shedding non-core assets. The auction process for Colorado-based Jeppesen drew strong interest from both private equity investors and strategic aerospace buyers. Earlier reports from Reuters indicated that final bids drove Jeppesen’s valuation from an initial $6 billion estimate to between $8 billion and $9 billion.
Jeppesen, which Boeing acquired in 2000 for $1.5 billion, has since become a cornerstone of the global aviation industry, offering digital navigation tools and data services used by commercial airlines, private aviation operators, and military clients worldwide.
Neither Boeing nor Thoma Bravo has commented publicly on the pending deal. If completed, the acquisition would reinforce Thoma Bravo’s growing presence in aerospace-related technology and highlight private equity’s rising appetite for software-driven infrastructure assets.
Wise Road Considers $3B Sale of Semiconductor Firm UTAC Holdings
Wise Road Capital is weighing a potential sale of UTAC Holdings, the Singapore-based semiconductor assembly and testing company, in a deal that could value the business at around $3 billion, according to a report by Bloomberg citing sources familiar with the matter.
The Beijing-headquartered private equity firm has reportedly appointed an adviser to explore strategic options, though discussions remain at an early stage and a sale is not guaranteed. The people familiar with the matter requested anonymity due to the confidential nature of the talks.
Wise Road acquired UTAC in 2020 from a consortium that included Affinity Equity Partners and TPG. Since then, the firm has expanded UTAC’s capabilities and global footprint. UTAC currently operates manufacturing facilities in Singapore, China, Indonesia, and Thailand, serving a diversified customer base across the US, Europe, and Asia.
Founded in 1997, UTAC provides semiconductor testing and packaging services critical to electronics production across industries ranging from consumer devices to automotive and industrial applications.
The potential divestment aligns with Wise Road Capital’s broader strategy of monetising mature assets within the semiconductor supply chain. The firm, which specialises in high-tech and semiconductor investments, has a portfolio spanning automotive electronics, IoT, robotics, and sustainability-driven technologies. Its investor base includes technology companies, financial institutions, and family offices globally.
A sale of UTAC would mark one of the largest semiconductor-related private equity exits in Asia this year, amid renewed global interest in chip manufacturing and supply chain security.
https://www.privateequitywire.co.uk/wise-road-weighs-3bn-utac-holdings-sale/
Apollo, Blackstone Lead $4bn Private Credit Deal for Thoma Bravo’s Jeppesen Buyout
Apollo Global Management and Blackstone are anchoring a $4 billion private credit facility to finance Thoma Bravo’s $10.6 billion acquisition of Boeing’s digital aviation business, according to a report by Bloomberg citing unnamed sources familiar with the matter.
The deal marks one of the largest direct lending transactions of 2024 and features a seven-year unitranche structure — a type of loan that blends senior and subordinated debt into a single facility. The loan is expected to price at 475 basis points over the benchmark rate.
Other major participants in the lender syndicate include Ares Management, Blue Owl Capital, KKR, and JPMorgan Chase, which is contributing through its expanding private credit platform.
Apollo is acting as the administrative agent on the deal and played a central role in structuring the financing. The firm had previously offered a pre-arranged “staple” financing package for the transaction through its $25 billion private credit partnership with Citigroup, which originates deals that Apollo then funds. Citigroup also served as Boeing’s advisor on the sale.
Thoma Bravo’s acquisition from Boeing includes Jeppesen — a prominent flight navigation and planning software provider — along with other digital aviation assets such as ForeFlight, AerData, and OzRunways.
The transaction highlights the growing role of private credit in funding large-scale leveraged buyouts, as traditional syndicated loan markets remain volatile. For Thoma Bravo, it underscores the firm’s ongoing commitment to expanding its software-focused portfolio with strategic investments in high-growth digital infrastructure.
https://www.ft.com/content/68e4a5d1-12d8-4020-97fb-997b107e200b