Geely buys Volvo
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Ford signed a binding deal with Geely at Volvo's headquarters in Gothenburg, Sweden, on March 28 for the biggest Chinese acquisition of an overseas automaker. The Chinese automaker will pay Ford $1.6 billion in cash, and the remainder in the form of a $200 million note.
Ford acquired Volvo in 1999 for $6.45 billion as part of a strategy to assemble a portfolio of global luxury brands.
Volvo will continue to produce cars in Sweden and Belgium, but Geely also plans to produce cars in China under the Volvo name.
The deal with Ford gives Geely access to key intellectual property, as well as engineering and manufacturing resources.
The deal is expected to close in the third quarter -- slightly later than the companies estimated previously. It marks an important milestone for China's fast-growing auto industry.
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Opinion |
• Geely-Volvo deal marks bigger global role
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