NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Pacific Life Insurance Company today 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. More information can be found at: www.tokyocentury.co.jp/en/.
Goldman Sachs served as financial advisor to Pacific Life for this transaction, together with Debevoise & Plimpton LLC as the legal advisor.
The transaction is expected to close in the fourth quarter of 2019.
About Pacific Life
For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2019 World’s Most Ethical Companies® by the Ethisphere Institute. For additional company information, including current financial strength ratings, visit www.PacificLife.com.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2019 is compiled by Pacific Life using the 2019 FORTUNE 500® list.
About Aviation Capital Group
Aviation Capital Group is one of the world’s premier full-service aircraft asset managers with approximately 500 owned, managed and committed aircraft as of June 30, 2019, which are leased to approximately 90 airlines in approximately 45 countries. ACG was founded in 1989 and is a private company that is majority owned by Pacific Life Insurance Company.
