Investment with Tokyo Century strengthens aircraft leasing capabilities as growing global fleets create long-term opportunities across the aviation aftermarket
ITOCHU Corporation has announced a US$1.95 billion investment to join the joint management of U.S.-based Aviation Capital Group (ACG), one of the world’s leading aircraft leasing companies, in a move that reinforces its long-term commitment to the global aerospace sector and the expanding aircraft lifecycle business.
The Japanese trading house will acquire a 50% equity interest in TC Skyward Aviation U.S., Inc., a wholly owned subsidiary of Tokyo Century Corporation, which owns ACG. Upon completion of the transaction, ITOCHU and Tokyo Century will jointly manage the aircraft lessor, positioning ACG as a strategic platform for expanding their global aviation portfolio.
The transaction is subject to regulatory approvals and customary closing conditions. ITOCHU expects to complete its investment during the third quarter of FY2026. Separately, the company will subscribe to ¥10 billion in Bond-Type Class Shares issued by Tokyo Century during the second quarter of FY2026, further strengthening the financial partnership between the two companies.
The investment comes at a time when aircraft leasing continues to play an increasingly critical role in supporting airline fleet expansion, fleet renewal programmes and asset management strategies. As airlines accelerate the induction of fuel-efficient, new-generation aircraft while extending the operational life of existing fleets, lessors are becoming central to aircraft placement, fleet transitions and long-term asset optimization—activities that also drive sustained demand across the maintenance, repair and overhaul (MRO) ecosystem.
Established in 1989, Aviation Capital Group manages one of the industry’s largest and youngest aircraft portfolios, ranking ninth globally by the number of aircraft owned and managed. Its fleet is leased to approximately 90 airlines across 50 countries, giving it a broad international footprint and diversified customer base.
For ITOCHU, the acquisition represents more than an investment in aircraft assets. The company views ACG as a cornerstone for building an integrated aircraft value chain business spanning aircraft ownership, leasing, financing and lifecycle asset management. The strategy aligns with growing demand for aviation services as global passenger traffic continues to recover and airlines invest in fleet modernization.
The expansion of ACG’s portfolio is also expected to have positive implications for the aviation aftermarket. A larger base of leased aircraft typically translates into increased requirements for maintenance planning, engine shop visits, component support, technical asset management and end-of-lease transitions, creating opportunities for MRO providers, OEMs and supply chain partners worldwide.
Also Read – BOC Aviation leases five A321neo aircraft to AJet
ITOCHU said it will work with Tokyo Century to further strengthen ACG’s market position by expanding its managed aircraft portfolio and enhancing its global competitiveness. The partners aim to leverage ACG’s scale, modern fleet and established customer relationships to capture future growth in the aircraft leasing market while developing aerospace into a new long-term earnings pillar.
As aircraft leasing becomes increasingly intertwined with fleet lifecycle management and aftermarket services, the transaction underscores the growing convergence between aviation finance and MRO, with lessors playing an increasingly influential role in shaping maintenance strategies, asset utilization and aircraft remarketing throughout an aircraft’s operational life.
