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.