General Motors has finalised a deal to sell Saab to supercar maker Koenigsegg.
Both companies signed a memorandum of understanding back in June, but the deal had stalled over concerns with Koenigsegg's lack of financial backing. However, GM confirmed it has now signed a stock purchase agreement with Koenigsegg Group AB regarding the sale of 100% of the shares.
Sweden's Koenigsegg will now ask the Swedish government for a loan from the European Investment Bank (EIB).
A spokesperson for Koenigsegg has said the firm expects the handover to be completed by the end of the year.
Koenigsegg Group, founded in 1994 by Swedish businessman Christian von Koenigsegg, has 45 employees and produces 18 high-end sports cars a year at more than a million euros each.
Saab employs 3,400 people in Sweden alone and sold just over 93,000 cars worldwide in 2008.
Von Koenigsegg said in the statement that his company wanted "to transform Saab into a stand-alone, vibrant, entrepreneurial company and make it "sustainable by making it profitable".