KippsDeSanto & Co., an investment banking firm focused on serving growth-oriented Aerospace & Defense (“A&D”) and Government Technology Services (“GTS”) companies, is pleased to share its DealView for the quarter ended June 30th, 2025.
We would like to highlight the following deals:
The A&D deal of the quarter is Thoma Bravo’s pending $10.5 billion acquisition of portions of the Digital Aviation Solutions Business of Boeing Co. (NYSE: BA). The acquired assets by Thoma Bravo, a leading software investment firm, include key digital platforms such as Jeppesen, ForeFlight, AerData, and OzRunways. These platforms provide critical flight operations, navigation, and data solutions for the global aviation industry. As part of the transaction, approximately 3,900 employees associated with these divested units are expected to transition to Thoma Bravo's ownership. This acquisition represents one of the largest software-focused carve-outs in the aerospace sector to date, highlighting private equity’s continued interest in acquiring technology platforms critical to the industry's evolving digital landscape. The firm plans to catalyze the standalone growth of the acquired businesses by deploying a combination of strategic capital infusions, implementing its proven operational best practices, and fostering a long-term value creation strategy. Boeing will retain core digital capabilities related to aircraft and fleet-specific data, focusing on providing commercial and defense customers with fleet maintenance, diagnostics, and repair services, along with predictive and prognostic maintenance insights. The sale reflects Boeing’s internal efforts to “focus on core businesses, supplement the balance sheet and prioritize the investment grade credit rating,” as expressed by Kelly Ortberg, President and CEO of Boeing. The transaction is expected to close by the end of 2025, subject to customary closing conditions, including regulatory approvals.
The GTS deal of the quarter is the acquisition of Kudu Dynamics, LLC (“Kudu Dynamics”) by Leidos Holdings, Inc. (“Leidos”) (NYSE:LDOS). Headquartered in Chantilly, VA, Kudu Dynamics provides offensive cybersecurity solutions, including automated targeting, scalable hardware reverse engineering, and the generation of other non-kinetic effects for the U.S. Department of Defense. The acquisition of Kudu Dynamics enhances Leidos' cyber capabilities and accelerates its strategy for AI-enabled offensive cyber, electromagnetic spectrum operations, and vulnerability research. Kudu Dynamics marks Leidos’ first acquisition since 2022. The deal closed on May 23, 2025, and was subsequently announced on May 28, 2025, for approximately $300 million in all-cash consideration.
View our Top 10 M&A Deals of the Quarter
KippsDeSanto & Co. is a leading investment banking firm focused on serving growth-oriented Aerospace & Defense, Government Technology Services, and Enterprise Technology companies. Having advised on more than 250 transactions since 2008, the KippsDeSanto team is recognized for analytical rigor, market insights, and broad industry relationships. Whether it is a sale, merger, divestiture, ESOP, minority investment, or buyside support, the team has the knowledge and network needed to navigate every step of the process. There’s no substitute for experience. For more information, visit www.kippsdesanto.com.
Securities and investment banking products and services are offered through KippsDeSanto & Co., a non-banking subsidiary of Capital One, N.A., a wholly owned subsidiary of Capital One Financial Corporation. KippsDeSanto is a member of FINRA and SIPC. Products or services are Not FDIC Insured, Not Bank Guaranteed, May Lose Value, Not a Deposit, and Not Insured By Any Federal Governmental Agency.
