Saab Sale to Spyker Complete

In a very exciting news for the Trollhattan manufacturer, American manufacturer GM announced today it has completed the sale of Saab to Spyker Cars NV. Simply put, from today, Saab is part of Spyker and the new life for the troubled Swedish brand begins. To make things even clearer, GM announced the wind down of Saab operations has ended.

“This transaction represents the successful outcome of months of hard work and intense negotiations, all aimed at securing a sustainable future for this unique brand, and we are pleased with the positive outcome,” John Smith, GM vice president for corporate planning and alliances said in the release announcing the sale.

“This is a great day for Saab employees, dealers and suppliers, and a great day for millions of Saab customers and fans worldwide.”

“Throughout negotiations over the past year, GM has worked with many parties, including governments and investors, to find a solution for Saab,” Nick Reilly, president, GM Europe added. “I’m very pleased that we could come to a positive conclusion, one that presents a viable future for Saab and preserves jobs in Sweden and elsewhere.”

Under the terms of the deal, GM will retain preferred shares in Saab worth $326 million, while Spyker received a 400 million loan, guaranteed by the Swedish government.

'We are delighted. Saab's future is now secure," Spyker CEO Victor Muller said in the statement. 'From today we will be concentrating all of our efforts into reviving Saab and transforming it into a sustainable and profitable company"