Zhejiang Geely Holding Group signed a binding deal Sunday to buy Ford Motor Co.'s Volvo Cars unit for $1.8 billion, allowing the independent Chinese automaker to expand its foothold in Europe.
The stock purchase agreement is subject to regulatory approvals and is expected to be completed in the third quarter, representatives of two automakers said as they presented the deal at a news conference at Volvo Cars headquarters in Goteborg, on Sweden's west coast.