MBH -- which is in administration, a British version of bankruptcy -- produces the iconic London Black Cab and owns 48 percent of a joint-manufacturing businesses in Shanghai, established with Geely in 2009.
China's official Xinhua news agency reported Saturday the Chinese automaker is buying MBH through Geely UK Limited, a subsidiary of Zhejiang Geely Holding Group.
The acquisition includes MBH's production facilities in Coventry, England.
Geely's plans include using as many current and former MBH employees as possible, the company said in a statement.
"We are delighted to have completed the acquisition of MBH's business and we are determined to restore the fortunes of this totemic marque which is known, recognized and admired all around the world," said Li Shufu, Zhejiang Geely Holding Group chairman.
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