ITOCHU buys into aircraft lessor ACG in $1.95B deal

What's the deal? ITOCHU CorporationDealroom has a profile for this one. Try Dealroom → has agreed to acquire a 50% equity interest in TC Skyward Aviation U.S., Inc., the Tokyo CenturyDealroom has a profile for this one. Try Dealroom → subsidiary that holds its investment in Aviation Capital Group (ACG)Dealroom has a profile for this one. Try Dealroom →. The transaction is valued at roughly $1,946 million and will place ITOCHU alongside Tokyo CenturyDealroom has a profile for this one. Try Dealroom → in a new joint management structure at one of the world's largest aircraft lessors.

The terms: ITOCHU will also subscribe for ¥10 billion in Bond-Type Class Shares issued by Tokyo Century, supporting its financial position and the two companies' partnership. The share subscription is expected to close in the second quarter of FY2026, with the ACG investment targeted for the third quarter. Both steps are subject to regulatory approvals and customary closing conditions.

Who is ACG? Founded in 1989, the US-based lessor owns and manages a fleet centred on new-generation aircraft. It ranks ninth globally by aircraft owned and managed, and leases to 90 airlines across 50 countries.

Why now? ITOCHU said the investment reflects its expectation of sustained long-term growth in aircraft leasing, driven by rising global passenger demand. The Japanese trading house has flagged aerospace as one of its priority growth sectors.

What's the endgame? ITOCHU said the joint structure with Tokyo Century will make ACG the core platform for its aerospace business, supporting fleet growth and a stronger position in the global market.

The signal: The deal underscores how Japanese trading houses are deepening bets on aircraft leasing, using established platforms rather than building from scratch to capture demand from an expanding global aviation market.

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Image credit: Aviation Capital Group