Pacific Life announces sale of Aviation Capital Group
Pacific Life Insurance Company announced that it has signed an agreement to sell all of its majority ownership in Aviation Capital Group (ACG), its commercial aircraft leasing subsidiary, to Tokyo Century Corporation.
In 2017, Tokyo Century acquired from Pacific Life a 20% membership interest in ACG. Since that time, their ownership in ACG has increased to 24.5% by contributing additional equity capital to ACG to help accelerate ACG’s business expansion. This transaction will result in Tokyo Century owning 100% of ACG.
“The growth within the aircraft leasing industry continues to accelerate and ACG has consistently provided value to the world’s airlines for the last 30 years,” said Jim Morris, chairman, president & CEO of Pacific Life. “Leasing is a core business for Tokyo Century. Such a focus will only enhance ACG’s position as one of the preeminent aircraft lessors in the world. At the same time, this transaction allows Pacific Life to increase investments in our core businesses.”
Tokyo Century is publicly-held and listed on the Tokyo Stock Exchange. Its core lines of business include Equipment Leasing, Mobility & Fleet Management, Specialty Financing, and International Business with a global network in 37 countries and regions.
The transaction is expected to close in the fourth quarter of 2019.