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Tokyo Century to take over Aviation Capital Group

Tokyo Century Corporation has signed a deal to acquire Pacific Life Insurance's 75.5% stake in aircraft lessor Aviation Capital Group (ACG).

The Japanese financier already holds a 24.5% stake in ACG, and the acquisition is expected to close in the fourth quarter. Financial terms of the deal were not disclosed.

“Tokyo Century has been a valuable partner since 2017 and this acquisition of the remainder of ACG demonstrates a commitment to the growth and success of the ACG platform and the aircraft leasing industry,” says Khanh Tran, ACG’s president and chief executive.

“The ACG team is enthusiastic and looking forward to being part of the Tokyo Century family as we expand and continue to provide best-in-class global aircraft leasing, financing, and trading services.”

Tokyo Century purchased a 20% stake in Newport Beach, California-based ACG in December 2017, before injecting $200 million of additional equity into the business this March.

The Japanese company also holds a 49% stake in aircraft aftermarket service company GA Telesis.

ACG has 316 aircraft in its portfolio and an additional 165 either committed or on order, a second quarter company overview shows. The company has recently expanded into structuring aircraft finance deals, having recently closed transactions covering an Airbus A350-1000 for Virgin Atlantic and a Boeing 747-8F for AirBridge Cargo.

Erroneous fleet data published in an earlier version of this story has been corrected.

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