Pacific Life Insurance Company announced it has completed the sale of Aviation Capital Group (ACG), its commercial aircraft leasing subsidiary, to Tokyo Century Corporation.

In 2017, Tokyo Century acquired from Pacific Life a 20 percent membership interest in ACG, and later expanded ownership to 24.5 percent. The completion of this transaction, first announced on September 9, 2019, results in Tokyo Century now owning 100 percent of ACG.

“The sale of ACG allows Pacific Life to reinvest into our core businesses and provide a sharper focus on enhancing capabilities to better serve our policyholders,” said Jim Morris, Chairman, President and CEO of Pacific Life. “We wish ACG the very best as it continues its growth as part of Tokyo Century.”

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.

Goldman Sachs served as financial advisor to Pacific Life for this transaction, together with Debevoise & Plimpton LLP as the legal advisor.