2
DETROIT — Ford Motor Co. has finalized the agreement to sell its storied Jaguar and Land Rover businesses to India's Tata Motors Ltd.
Tata said Monday it has closed on the deal first announced on March 26. Tata is paying about $2.3-billion (U.S.) for the British brands, but Ford is paying about $600-million into the Jaguar-Land Rover pension fund.
The sale had been in the works for months as cash-strapped Ford sought money to fund its turnaround plan.
The sale nets the Dearborn-based auto maker $1.7-billion — roughly a third of the price it paid for the two luxury brands.
Ford Motor
Tata Motors Ltd.
Ford bought Jaguar for $2.5-billion in 1989 and Land Rover for $2.7-billion in 2000.
