Pacific Life Announces Closing of Transaction to Expand Aviation Capital Group Growth Capital
Tokyo Century Corporation purchases 20 percent membership interest in Aviation Capital Group;
Pacific Life to maintain controlling stake in aircraft leasing subsidiary
NEWPORT BEACH, Calif. – December 11, 2017 – Pacific Life Insurance Company today announced it has closed a transaction with Tokyo Century Corporation (TC) that results in an investment by TC for a 20 percent membership interest in Aviation Capital Group (ACG), Pacific Life’s commercial aircraft leasing subsidiary.
Per terms of the deal, in addition to this initial investment, TC has agreed to provide additional capital to ACG to help accelerate ACG’s business expansion and create incremental business opportunities. Pacific Life will retain a controlling interest in ACG.
TC is publicly-held and listed on the Tokyo Stock Exchange. Its core lines of business include equipment leasing, specialty financing, domestic automobile financing, and international business with a global network in 37 countries. TC’s aircraft financing operation currently owns 48 aircraft. More information can be found at: www.tokyocentury.co.jp/en/.
About Pacific Life
Offering insurance since 1868, Pacific Life provides a wide range of insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as its clients. 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 2017 is compiled by Pacific Life using the 2017 FORTUNE 500® list.
About Aviation Capital Group
Aviation Capital Group is one of the world’s premier full service aircraft asset managers with 435 owned, managed and committed aircraft as of September 30, 2017. ACG’s owned and managed aircraft are leased to approximately 95 airlines in approximately 40 countries. ACG was founded in 1989 and is an indirect majority-owned subsidiary of Pacific Life Insurance Company.