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Citigroup and Apollo Reportedly Offer Private Credit for Boeing’s Jeppesen Sale
March 17, 2025
Source: Mergers & Acquisitions
Citigroup (NYSE: C) and Apollo (NYSE: APO) are offering potential buyers of Boeing (NYSE: BA)’s Jeppesen navigation unit the option to fund the acquisition via the pair’s nascent private credit partnership, according to Bloomberg.
The sale is expected to fetch Boeing around $7 billion, with debt financing estimated at $3 billion to $3.5 billion. The financing does not guarantee winning the bid, and buyers can seek alternative lenders. Corporate and private equity bidders, including RTX Corp. (NYSE: RTX), Honeywell (Nasdaq: HON), Carlyle Group (Nasdaq: CG), Thoma Bravo and Warburg Pincus, have shown interest.
This sale serves as a key test for the Citi-Apollo partnership, which aims to fund $25 billion in deals over five years. The move reflects Wall Street banks’ growing shift toward private credit to compete with direct lenders in leveraged finance.
