Pacific Life Insurance Company has announced it has entered into an agreement 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 wholly owned commercial aircraft leasing subsidiary, the company said.
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.
Goldman Sachs served as financial advisor for this transaction, together with Debevoise & Plimpton LLC as the legal advisor.
The transaction is expected to close in the fourth quarter of 2017.
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 US companies as its clients. For additional company information, including current financial strength ratings, visit www.PacificLife.com.
Aviation Capital Group is one of the world´s premier full service aircraft asset managers with 441 owned, managed and committed aircraft as of June 30, 2017, which are leased to approximately 95 airlines in approximately 40 countries. ACG was founded in 1989 and is an indirect wholly owned subsidiary of Pacific Life Insurance company.