Geely Seals Takeover of Volvo From Ford; Jacoby Named CEO

Zhejiang Geely Holding Group Co. completed the purchase of Volvo Cars from Ford Motor Co. in the biggest overseas acquisition by a Chinese automaker.

Geely paid $1.3 billion in cash today and issued a $200 million note for the acquisition, Dearborn, Michigan-based Ford said in a statement. Stefan Jacoby, Volkswagen AG’s former U.S. chief, will succeed Stephen Odell as Volvo’s chief executive officer, Geely said in a separate statement.