Aircraft leasing's slow shift towards vertical integration took another step this week with Tokyo Century's decision to buy out California-based Aviation Capital Group. Already, the Japanese firm is a shareholder in parts specialist GA Telesis (GAT), with which it and ANA Trading are also developing a tripartite engine leasing joint venture. It has agreed to pay roughly $3 billion for the 75.5% of ACG it doesn’t own from Pacific Life Insurance as part of a bid to improve its ...

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