• Less than 10 bidders remaining, including Thoma Bravo and Vista Equity Partners
• Bids at around USD 8bn

Boeing [NYSE:BA] is in the middle of management presentations in its sale of navigation company Jeppesen, said two sources familiar with the matter.

There are less than 10 bidders remaining in the process for the Englewood, Colorado-based navigational information and flight planning products and software company, the two sources said.

Private equity firms are forming consortiums to bid on Jeppesen, two sources familiar said. Thoma Bravo and Vista Equity Partners are among the sponsors still showing interest, four sources familiar said. Strategics are also circling the asset, four sources said.

Software-focused sponsors have shown interest because of the software component of Jeppesen’s business, two sources said.

Bids have been tabled at around the USD 8bn price range, four of the sources said. Jeppesen is being marketed at around USD 300m in EBITDA, four sources said.

The Arlington, Virginia-based aerospace and defense giant is working with financial advisor Citi in the sale of Jeppesen, as reported by this news service in December.

Bloomberg reported last month that potential bidders also include Honeywell [NASDAQ:HON], RTX [NYSE:RTX] TransDigm Group [NYSE:TDG], GE Aerospace, Carlyle, Advent, Warburg Pincus, Blackstone, and Veritas Capital.

Boeing acquired Jeppesen for USD 1.5bn in 2000. The company has a USD 131bn market cap.

A Boeing spokesperson said, “Boeing doesn’t comment on market rumors or speculation.” Citi and Thoma Bravo declined to comment. Vista Equity Partners did not return requests for comment.