Ford family is selling its automotive and parts business to Ford for $8.6 billion.
The announcement Thursday by Ford Chairman and CEO Bill Ford, the biggest acquisition in Ford’s history, signals that Ford is moving beyond the car business to focus on other assets and expanding its manufacturing capabilities.
The deal will be completed in the first quarter of 2021, Ford said.
The automaker said the deal includes $1.5 billion in cash.
The Ford family has been one of the biggest owners of the Ford Motor Company since the 1950s.
In addition to its U.S. auto operations, Ford has global operations that include Ford Fusion, Ford Escape and Fusion Hybrid.
The company is now building the next generation of the Fusion hybrid.
Ford has long maintained it is focused on expanding its products and services.
The news is the biggest U.K. company to do so since the launch of the first Ford F-150 in the United States in 2003.