Japanese trading house Itochu has agreed to pay about $1.95 billion for a 50% stake in Aviation Capital Group (ACG), one of the world's largest aircraft leasing companies, moving the California-based lessor into joint Japanese ownership.
According to AeroTime, Itochu will acquire half of TC Skyward Aviation US, the Tokyo Century-owned entity that controls ACG, with Tokyo Century retaining the other 50%. Nikkei Asia reports the transaction values the investment at roughly $1.9 billion and places ACG under shared ownership and management by the two Japanese companies.
The companies signed an initial agreement on 3 August 2026 and expect to conclude a final agreement later in August, with the transfer targeted for completion in November. The deal remains subject to regulatory approval and other closing conditions.
ACG is a substantial player in the leasing market. AeroTime reports the company had 446 owned, managed and committed aircraft at the end of 2025 — including 278 owned outright — and leases to around 85 airlines across 50 countries. About 94% of its fleet consists of narrowbodies from the Airbus A320neo and Boeing 737 MAX families, with an average age of 5.4 years.
Its customer list spans carriers including United Airlines, Air France, WestJet, Wizz Air, Air India Express, LOT Polish Airlines, ITA Airways and Royal Air Maroc, underlining the global reach of a modern leasing book.
The move deepens an existing relationship. Tokyo Century first bought a 20% stake in ACG in 2017 before acquiring the remainder in 2019. Bringing Itochu in as an equal partner spreads the capital commitment behind one of the industry's biggest lessors.
The agreement lands at a time when demand for new-generation, fuel-efficient narrowbodies remains strong and delivery slots are scarce, keeping well-capitalised lessors central to how airlines finance fleet growth.
Sources: AeroTime, Nikkei Asia. Featured image: AI-generated by AviationShop. By Daniel Okafor.
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