Tokyo Century completed the sale of half of its US aircraft-leasing holding company to Itochu on 12 November 2026, for $1.946bn. The company said in a TDnet notice that the transfer covered 50.0% of the issued shares of TC Skyward Aviation U.S., Inc. (SKY-U). Earlier Tokyo Brief coverage
What changed on the books
SKY-U and its wholly owned subsidiary Aviation Capital Group LLC (ACG) have left Tokyo Century's consolidated subsidiaries. Both are now equity-method affiliates. Tokyo Century held 6,236 SKY-U shares before the deal, a 100.0% voting stake, and transferred 3,118 of them. It retains 3,118 shares, also 50.0%.
The share counts differ from those announced on 3 August. The notice says SKY-U acquired treasury shares from Tokyo Century before the transfer, which changed both the pre-transfer holding and the number sold.
Why it is a related-party deal
Tokyo Century's 3 August disclosure described Itochu as a related party, holding 29.96% of Tokyo Century's voting shares as of 31 March 2026.
What Tokyo Century keeps
This is a partial sale. In the 3 August disclosure Tokyo Century said it would keep its 50% interest in ACG as an equity-method affiliate and pursue a higher position in the aircraft-leasing market jointly with Itochu. The same disclosure said Tokyo Century alone faced constraints on expanding ACG's assets in terms of risk appetite and capital efficiency.
That disclosure also said Tokyo Century guarantees ACG's borrowings from financial institutions. The completion notice does not say what happens to that guarantee.
The earnings timing
Tokyo Century expects the transfer to affect profit attributable to owners of the parent by about ¥38bn in the third quarter of the year ending March 2027. That is an expectation, not a booked figure. The company points to its 9 November release revising full-year forecasts and dividends for the guidance effect.