Tokyo Century’s Acquisition of Aviation Capital Group


Davis Polk advised Tokyo Century Corporation in connection with its acquisition of the remaining 75.5% interest it does not own in Aviation Capital Group LLC from Pacific Life Insurance Company.

The transaction values Aviation Capital Group at approximately $11 billion including assumed debt. The transaction, which is subject to obtaining necessary regulatory approvals and permissions.

Tokyo Century is publicly-held and listed on the Tokyo Stock Exchange. Its core lines of business include equipment leasing, mobility and fleet management, specialty financing and international business with a global network in 37 countries and regions. Aviation Capital Group, valued at approximately $11 billion, is one of the world’s premier full-service aircraft asset managers with approximately 500 owned, managed and committed aircraft as of June 30, 2019, which are leased to approximately 90 airlines in approximately 45 countries. For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities and mutual funds, and offers a variety of investment products and services to individuals, businesses and pension plans.

The Davis Polk corporate team includes partners Phillip R. Mills (Picture) and Ken Lebrun and associates Sarah M. Weissman and Chaoshun (Jeff) Zuo. The tax team includes partner William A. Curran. Partner Kyoko Takahashi Lin and associate Thomas Lair are providing executive compensation advice. Counsel Bonnie Chen is providing intellectual property and technology advice. The finance team includes partner J.W. Perry and associate Robert F. Smith.

Involved fees earner: Bonnie Chen – Davis Polk & Wardwell; William Curran – Davis Polk & Wardwell; Thomas Lair – Davis Polk & Wardwell; Ken Lebrun – Davis Polk & Wardwell; Phillip Mills – Davis Polk & Wardwell; John Perry – Davis Polk & Wardwell; Robert Smith – Davis Polk & Wardwell; Kyoko Takahashi Lin – Davis Polk & Wardwell; Sarah Weissman – Davis Polk & Wardwell; Chaoshun Zuo – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Tokyo Century Corporation;