Geely Completes Volvo Deal, Appoints Unit CEO.
This story is related to volvo car deal.
LONDON -- Chinese car maker Zhejiang Geely Holding completed its roughly $1.8 billion acquisition of Volvo Car Corp. from Ford Motor Co. and said it has appointed Stefan Jacoby as CEO of the business. Jacoby is moving to Volvo from his previous position as chief executive of Volkswagen Group of America. The price of the deal agreed in March includes a $200 million note, with the balance in cash, subject to purchase-price adjustments at closing. Ford said Geely had issued the note and paid $1.3 billion in cash to complete the sale. Ford said the estimated purchase price adjustments used at closing are expected to be finalized later this year and that this is expected to result in further proceeds for Ford.
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