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Pacific Life closes sale of Aviation Capital Group

Pacific Life Insurance Co. has completed the sale of subsidiary Aviation Capital Group LLC to Tokyo Century Corp.

Tokyo Century previously acquired a 20% membership interest in Aviation Capital and later raised its stake to 24.5% in March this year. The Japanese specialty finance company announced plans to fully acquire the unit for approximately $3 billion in September.

Goldman Sachs served as financial adviser to Pacific Life for the sale, while Debevoise & Plimpton LLP was the legal adviser.

Aviation Capital provides aircraft leasing services and fleet strategy solutions to airlines.