Itochu agreed to buy 50% of TC Skyward Aviation U.S., the California holding company through which Tokyo Century owns aircraft lessor Aviation Capital Group, for about $1.95 billion. After the deal the two Japanese companies will each own half and run ACG jointly, and the unit becomes an equity-method affiliate of Tokyo Century. Itochu will also buy ¥10 billion of bond-type class shares issued by Tokyo Century. About ACG Aviation Capital Group, based in California, was founded in 1989. Tokyo Century bought 20% in 2017 and the rest in 2019. At the end of 2025 it owned 278 planes, managed 33 more and had 135 on order, with an average age of 5.4 years. About 84% of its fleet by book value is narrowbody jets such as the A320neo and 737 MAX, leased to 85 airlines in 50 countries. Europe is its largest region at 40%. Why share it The biggest lessors keep merging to gain scale, and Tokyo Century said it could not put enough new capital into aircraft leasing on its own. Bringing in Itochu as an equal partner gives ACG a stronger balance sheet to buy more planes. The price was based on ACG's finances at the end of 2025, after a special dividend from ACG to Tokyo Century. Mitsubishi UFJ Morgan Stanley and UBS gave Tokyo Century independent valuations.
