The $8bn+ sale of Boeing’s Jeppesen navigation unit triggered a wave of interest from leading private equity firms, with Vista Equity Partners, Advent International, TPG, and others lining up bids for what is expected to be one of the most high-profile corporate carve-outs in recent memory.

Vista has teamed up with Warburg Pincus, Advent with Permira, and TPG with Francisco Partners, as firms form consortiums to strengthen their competitive positions. Separately, Thoma Bravo and Silver Lake are also pursuing solo bids. Strategic buyer TransDigm, a $77bn aerospace supplier, remains a formidable contender.

Sources familiar with the matter told Reuters that Boeing is set to invite formal bids in the coming weeks, with final offers expected after a shortlist is established.

Initial estimates had pegged Jeppesen’s value at around $6bn, but strong demand has pushed the expected sale price to between $8bn and $9bn.

The sale is part of a wider divestment strategy under Boeing CEO Kelly Ortberg, who is focused on streamlining operations and deleveraging the business. Earlier this year, Boeing sold its Gatwick maintenance unit to British Airways and is also exploring a sale of its drone subsidiary, Insitu.

Founded in the 1930s and acquired by Boeing in 2000 for $1.5bn, Jeppesen provides critical navigation software and data services. Its predictable recurring revenue model makes it especially attractive to financial sponsors.

For TransDigm, a successful acquisition would mark its largest-ever deal, extending its reach beyond core components and deepening its footprint across the aerospace value chain. The firm has ramped up dealmaking in recent years, with notable transactions including the $1.4bn acquisition of CPI’s electron device business and the $655m purchase of Raptor Scientific.

As the auction heats up, the outcome of the Jeppesen sale could reshape the aerospace technology landscape—and offer a defining moment for several private equity players in 2025.