Ford is selling its Jaguar and Land Rover businesses to India's Tata Motors. The deal is worth 2.3 billion dollars. That's less than half what the struggling automaker paid for the two luxury brands.
The deal will expand the Indian carmaker's reach around the globe.
Ford bought Jaguar for 2.5 billion dollars in 1989 and Land Rover for 2.7 billion in 2000. But it has been struggling and wants to focus on its main brands.
Tata says it doesn't anticipate any significant changes to the work force at Jaguar and Land Rover. Tata says the transfer of the brands will take place the end of the second quarter.