ITOCHU to Join Ownership of Aviation Capital Group in US$1.95 Billion Transaction

ITOCHU Corporation has agreed to join the ownership of Aviation Capital Group (ACG), one of the world’s largest aircraft leasing companies, through a strategic partnership with Tokyo Century Corporation that will establish joint management of the U.S.-based lessor.

Under the agreement, ITOCHU will acquire a 50% interest in TC Skyward Aviation U.S., Inc., Tokyo Century’s holding company for its investment in ACG. The transaction has an expected acquisition value of approximately US$1.95 billion and is subject to regulatory approvals, with completion anticipated during the third quarter of ITOCHU’s 2026 fiscal year.

As part of the transaction, ITOCHU will also subscribe to ¥10 billion in bond-type class shares issued by Tokyo Century to support ACG’s recapitalization and strengthen the companies’ long-term strategic partnership.

ITOCHU said the investment positions ACG as the cornerstone of its aerospace growth strategy. Ranked as the world’s ninth-largest aircraft lessor, ACG owns and manages a portfolio of new-generation aircraft leased to approximately 90 airlines across 50 countries. The Japanese trading company expects the global aircraft leasing market to continue expanding alongside long-term growth in passenger demand.

The investment also advances ITOCHU’s strategy of building an integrated aircraft value chain spanning leasing, aircraft trading, engine and parts sales, maintenance, repair and overhaul (MRO), and aviation investments. The company already leases more than 90 aircraft and engines worldwide and has expanded its aviation portfolio through investments in IC Aero, Sirius Aviation Capital Holdings and Ireland-based Killick Aerospace.

ITOCHU said combining its aviation activities with Tokyo Century and ACG will create opportunities to expand aircraft trading, strengthen mid-life aircraft sales, and generate additional earnings throughout the aircraft lifecycle while establishing aviation as a significant long-term earnings platform.