Geely Buys Volvo Unit From Ford (NYSE: F) for $1.8 Billion

Zhejing Geely Holding Group signed an agreement Sunday to acquire Ford Motor's (NYSE:F) Volvo Cars unit in a deal valued at $1.8 billion.

The stock purchase agreement is still subject to regulatory approvals and is anticipated to be completed in the third quarter, two of the automakers' representatives said Sunday in Sweden.

The agreement was singed by Geely's Chairman, Li Shufu, and Ford's CFO Lewis Booth.