Spyker Selling Sportscar Business to Vladimir Antonov for EUR32 Million

Spyker Cars NV, the Dutch owner of Saab Automobile, agreed to sell its sportscar unit to Russian businessman Vladimir Antonov to help reduce debt and to better focus on Saab’s activities. Antonov, who is a former Spyker chairman and shareholder, will pay €15 million ($21 million) through CPP Global Holdings Ltd, a premium coachbuilding company based in the UK, according to a statement made today.

The total cost of the purchase is expected to be €32 million ($44 million), with the remaining €17 million ($23 million) to be paid over a six year 'earn-out' period.

"Having created an enviable portfolio of premium, world-class automotive companies and brands over the past two years with CPP, we are convinced that Spyker will flourish within the CPP Group. We are delighted to be bringing more investment and job opportunities to Coventry, and we hope that this further cements its reputation as the heartland of the automotive industry in the UK," Antonov said.

Antonov had a 29.9 percent stake in the luxury sportcar maker before General Motors asked him to sell his stake before agreeing to sell Saab to Spyker. Tenaci Capital BV, a company controlled by current Spyker CEO Victor Muller, bought Antonov’s stake.

According to Bloomberg, shares of the luxury sportscar maker rose as much as 11.5 cents, or 2.2 percent, to €5.40 in Amsterdam trading. So far this year, the stock had risen 52 percent, indicating that the takeover might have been expected.

"This acquisition is very positive news for everyone connected to Spyker.  We're absolutely confident that independent ownership will enable us to rapidly progress an invigorated business plan, to which CPP is fully committed,” Brendan O'Toole, Managing Director of CPP Global Holdings, said.