The Chinese carmaker Geely has signed a deal to buy Volvo from US car giant Ford for USD1.8 billion.
The agreement, which was first announced in December, is the biggest overseas purchase by a Chinese car manufacturer.
"Today represents a milestone for Geely," says the company’s chairman Li Shufu.
Loss-making Volvo has been on the market since 2008, when Ford put it and several other brands up for sale.
(Source: BBC News)