Geely Signs US$ 1.8 Bln Volvo Deal

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(Caixin Online) China's largest private owned car maker Geely Holding Group has signed a formal agreement in Gothenburg with the American car maker Ford Motor to take over the Volvo unit for US$ 1.8 billion. The transaction is expected to be completed by the third quarter of this year.

Geely said in a press release that the purchase fund is ready. And the company has prepared to seek more bank loans to finance the future development of Volvo.