Ford expected to close Land Rover, Jaguar sale on Monday

FoMoCo is said to officially close its sales of Jaguar and Land Rover to India’s Tata Motors on Monday, according to a source familiar with the talks. Tata will end up paying about $2.3 billion for the two brands; however Ford will pay $600 million of that to Jaguar and Land Rover pension funds.

As a result, Ford will get about $1.7 billion from the deal, concluding its relationship with the two British luxury brands. Ford declined to comment on the situation saying “As we have said, we expect to close in the second quarter.”

Ford is expected to use the cash in its recent expansion of restructuring efforts to cut back on SUV and pickup and increase cars and crossover production

Ford sold the Aston Martin last year to a group of investors for $925 million.

Source: Detroit News