According to Automotive News
, the deal is done. Today Ford signed a deal with India-based Tata Motors
to sell its Jaguar
and Land Rover
brands for over $2 billion. Ford will supposedly announce the deal officially tomorrow (Wednesday), but sources close to the transaction say the receipt's already been printed, so to speak. While details are scarce, AN
does mention that Ford will pump around $598 million into the pension funds for each brand as it sends them on their way. We're waiting to hear more details about how Ford will continue to supply engines and components for these vehicles, for how long and how much. Right now, however, mum's the word, as the Blue Oval has only said that, "our first responsibility is to communicate with our employees." Sorry if they heard it here first, but then again, they should be working now, not reading Autoblog. Right? Right.
UPDATE: Just-auto puts the price tag at $2.65 billion, and reveals we should have official news from Ford before the NYSE opens tomorrow morning.
[Source: Automotive News
, subs. req'd]