Ford executive president Lewis Booth and Geely chairman Li Shufu announced that the sale of Volvo was complete. The final purchase price is $1.8 billion, which will give Geely some of Volvo’s intellectual property and other physical assets.
“Today represents a milestone for Geely,” the company’s chairman Li Shufu said.
Ford hopes that the sale of Volvo will help it pay off its debts and focus on its core brands, following a dire period for the global car industry.
The deal represents a loss for Ford, however, having bought Volvo in 1999 for $6.5bn.
Geely, China’s biggest independent car maker, has pledged to keep Volvo as a separate company with its headquarters remaining in Sweden.
The sale is expected to close in the third quarter of this year, pending regulatory approvals.
Source – Ford, Geely
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