DEARBORN, Michigan — Ford Motor Co. made it official Wednesday morning that it had signed a long-awaited deal to sell its British brands, Jaguar and Land Rover, to India's Tata Motors for $2.3 billion, about the amount analysts had predicted.
At closing, expected by the end of June following regulatory approvals, Tata will pay Ford the $2.3 billion and Ford will put $600 million into the Jaguar and Land Rover pension funds.
As expected, Ford will continue to supply Jaguar and Land Rover with powertrains, stampings and other components for varying time periods. It also will provide a variety of technologies, including environmental ones. Ford also will continue to provide engineering as well as research and development support, information technology, accounting and other services.
Ford Motor Credit Co. will provide financing for Jaguar and Land Rover dealers and customers during a transitional period, which can vary by market, of up to 12 months, the automaker said.
What this means to you: Jaguar and Land Rover bid tata to Ford. — Michelle Krebs, Senior Editor, Industry
At closing, expected by the end of June following regulatory approvals, Tata will pay Ford the $2.3 billion and Ford will put $600 million into the Jaguar and Land Rover pension funds.
As expected, Ford will continue to supply Jaguar and Land Rover with powertrains, stampings and other components for varying time periods. It also will provide a variety of technologies, including environmental ones. Ford also will continue to provide engineering as well as research and development support, information technology, accounting and other services.
Ford Motor Credit Co. will provide financing for Jaguar and Land Rover dealers and customers during a transitional period, which can vary by market, of up to 12 months, the automaker said.
What this means to you: Jaguar and Land Rover bid tata to Ford. — Michelle Krebs, Senior Editor, Industry
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