Zhejiang Geely Holding Group, China's largest private-run car maker, has agreed to acquire Ford Motor's Volvo car unit, a Volvo spokesman said on Sunday.

The deal, which both sides aim to close in the coming months, will free up cash for the number two U.S. automaker and enable it to focus on its core Ford brand.

Geely, parent of Geely Automobile Holdings <0175.HK>, was named by Ford as the preferred bidder for its Swedish unit in October 2009.

The Volvo takeover marks China's biggest acquisition of foreign auto assets and the final member to be sold of Ford's former premier auto group, which had also included Aston Martin, Jaguar and Land Rover.

China Ford Motor Company