ITOCHU Corporation has agreed to acquire a stake in Aviation Capital Group (ACG), joining Tokyo Century in the ownership of one of the world’s largest aircraft lessors through a new joint management structure.
The Japanese trading house will acquire a 50% equity interest in TC Skyward Aviation U.S., Inc., a wholly owned subsidiary of Tokyo Century that holds its investment in ACG. The transaction, valued at approximately US$1.95 billion, is subject to regulatory approvals and customary closing conditions.
As part of the transaction, ITOCHU will also subscribe for ¥10 billion in Bond-Type Class Shares to be issued by Tokyo Century, supporting the latter’s financial position and strengthening the companies’ long-term strategic partnership. The share subscription is expected to close during the second quarter of FY2026, while ITOCHU’s investment in ACG is targeted for completion in the third quarter.
ITOCHU said the investment reflects its expectation of sustained long-term growth in the aircraft leasing market, driven by rising global passenger demand, and reinforces aerospace as one of its priority growth sectors.
Founded in 1989, US-based ACG is one of the world’s leading aircraft lessors, owning and managing a fleet centred on new-generation aircraft. The company ranks ninth globally by aircraft owned and managed and leases aircraft to 90 airlines across 50 countries.
ITOCHU said the joint management structure with Tokyo Century will establish ACG as the core platform for its aerospace business, supporting further fleet growth, business expansion and a stronger position in the global aircraft leasing market.
