Dutch sports car maker Spyker has reached a binding agreement over the purchase of Saab Automobile, US owner General Motors has confirmed.
"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, in a statement.
Spyker Cars has said it will pay $74 million in cash and $326 million in preferred shares, reports business news provider Bloomberg. Victor Muller has previously stated that the company emerging form the deal would be renamed Saab Spyker Automobiles.
The transaction will be finalized in February provided the Swedish government agrees to guarantee a €400 million ($564 million) European Investment Bank loan for Saab, according to Bloomberg.
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The Local | Sweden
