Pacific Life Insurance coverage Firm in the present day introduced it has accomplished the sale of Aviation Capital Group (ACG), its business plane leasing subsidiary, to Tokyo Century Company (Tokyo Century).
In 2017, Tokyo Century acquired from Pacific Life a 20% membership curiosity in ACG, and later expanded possession to 24.5%. The completion of this transaction, first introduced on September 9, 2019, ends in Tokyo Century now proudly owning 100% of ACG.
“The sale of ACG permits Pacific Life to reinvest into our core companies and supply a sharper deal with enhancing capabilities to higher serve our policyholders,” mentioned Jim Morris, chairman, president & CEO of Pacific Life. “We want ACG the easiest because it continues its development as a part of Tokyo Century.”
Tokyo Century is publicly-held and listed on the Tokyo Inventory Change. Its core strains of enterprise embody Tools Leasing, Mobility & Fleet Administration, Specialty Financing, and Worldwide Enterprise with a worldwide community in 37 international locations and areas. Extra data might be discovered at: www.tokyocentury.co.jp/en/.
Goldman Sachs served as monetary advisor to Pacific Life for this transaction, along with Debevoise & Plimpton LLP because the authorized advisor.
About Pacific Life
For greater than 150 years, Pacific Life has helped hundreds of thousands of people and households with their monetary wants via a variety of life insurance coverage merchandise, annuities, and mutual funds, and provides quite a lot of funding services and products to people, companies, and pension plans. Whether or not your aim is to guard family members or develop your belongings for retirement, Pacific Life provides progressive services and products that present worth and monetary safety for present and future generations. Pacific Life counts greater than half of the 100 largest U.S. firms as its shoppers and has been named one of many 2019 World’s Most Moral Corporations® by the Ethisphere Institute. For extra firm data, together with present monetary energy rankings, go to www.PacificLife.com.
Pacific Life refers to Pacific Life Insurance coverage Firm and its associates, together with Pacific Life & Annuity Firm. Consumer depend as of June 2019 is compiled by Pacific Life utilizing the 2019 FORTUNE 500® record.
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