Ford Sells Volvo to Geely in China’s Biggest Overseas Auto Deal
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Ford Motor Co. agreed to sell Volvo Cars to Zhejiang Geely Holding Co. for $1.8 billion in the biggest overseas acquisition by a Chinese automaker, capping sales talks that began more than 18 months ago.
The price includes a $200 million note and the remainder to be paid in cash, Ford Chief Financial Officer Lewis Booth said yesterday in Gothenburg, Sweden. The companies expect to finish the deal in the third quarter after getting regulators’ approval, Geely Chairman Li Shufu said.