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GM agrees deal for Saab

General Motors and Spyker Cars have reached a binding agreement on the purchase of Saab Automobile AB.

As part of the agreement, Spyker intends to form a new company, Saab Spyker Automobiles.

The sale will be subject to customary closing conditions, including receipt of regulatory, governmental and court approvals. Other terms and conditions specific to the sale will be disclosed later.

The Swedish government is reviewing the transaction and the related request for guarantees of a Saab Automobile loan from the European Investment Bank.

The transaction is expected to close in mid-February, and previously announced wind down activities at Saab will be immediately suspended.

"Today’s announcement is great news for Saab employees, dealers and suppliers; great news for millions of Saab customers and fans worldwide, and great news for GM,” said John Smith, GM vice president for corporate planning and alliances.

 

“General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we're all happy for the positive outcome."

Nick Reilly, president, GM Europe, said: “Throughout the negotiations, GM has always had the hope to find a solution for Saab that would avoid a wind down of the brand.

“We’ve worked with many parties over the past year, including governments and investors, and I’m very pleased that we could come to such a good conclusion, one that preserves jobs in Sweden and elsewhere. GM will continue to support Saab and Spyker.”

 

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