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Tokyo Century to buy 20% of US aircraft leaser

Nearly $600m deal inked amid booming demand for midsize jets

TOKYO -- Tokyo Century is acquiring a 20% stake in U.S.-based aircraft-leasing company Aviation Capital Group as early as December, with an eye on rising global demand for passenger jets.

The Japanese leasing company on Thursday agreed with Pacific Life Insurance, which currently owns 100% of ACG, to purchase the shares for about 67 billion yen ($595 million) and turn ACG into an equity-method affiliate.

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