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. Last Updated: 07/27/2016

BMW Sells Land Rover

FRANKFURT, Germany -- German carmaker BMW AG completed the pull-out from its loss-making British Rover subsidiary Wednesday, selling Land Rover to Ford Motor Co. and sweetening the deal by agreeing to take on the unit's debt.

BMW said it would bear all of Land Rover's long-term debt as part of the 3 billion euro ($2.73 billion) sale. It declined to give the value of the debt, though media reports have said it could be as high as 1 billion Deutsche marks ($465 million).

The sale comes two weeks after BMW sold Rover Cars to British consortium Phoenix for a token pounds 10 ($14.72) and threw in a pounds 500 million ($737 million) loan to ease its exit.

Ford will take over production of the four-wheel drive Range Rover, Discovery, Freelander and Defender models at Land Rover's Solihull manufacturing plant near Birmingham on June 30.