After months of speculation, leaked information and hearsay, Ford has finally confirmed it will sell its Jaguar and Land Rover operations to India’s Tata. The sale is expected to close by the end of the next quarter and still requires approval from several European regulatory bodies, but otherwise the deal is as good as done.

The total amount to be paid in cash by Tata for Jaguar and Land Rover upon closing will be approximately $2.3 billion. At closing, Ford will then contribute up to $600 million to the Jaguar Land Rover pension plans, which will leave the Blue Oval with about $1.7 billion once the dust settles.

As part of the deal, Ford will continue to supply Jaguar and Land Rover with powertrains, stampings and other vehicle components, in addition to several environmental and platform technologies. Ford has also committed to provide engineering support, including research and development, plus information technology, accounting and other services.

Speaking about today’s agreement, Tata boss Ratan Tata expressed his excitement surrounding the acquisition, while also confirming his company’s long-term commitment to both brands and a hands-off managerial approach. “We aim to support their growth, while holding true to our principles of allowing the management and employees to bring their experience and expertise to bear on the growth of the business," Tata commented.

Unions are also happy about the announcement as the deal guarantees full employment for all staff.

For consumers it means support for Jaguar and Land Rover’s current product plans, while providing both firms greater freedom to develop their own stand-alone capabilities in the future. The newly found financial backing of Tata also ensures Jaguar’s new model onslaught is almost guaranteed, meaning we can expect to see the new F-Type roadster, next-gen XJ and rumored XF variants all make it to production over the next couple of years.