The confusing story concerning the Swedish car maker Saab and its future has finally ended today as GM has sold the brand to Spyker Cars. The brand was supposed to be killed by General Motors but as many bidders went and past, one finally triumphed.

Names like Koenigsegg, Genii, Mahindra and even F1 boss Bernie Ecclestone have shown interest in buying the troubled Swedish car firm. However, only one of them managed to get the deal done in the end, Spyker. The Dutch supercar maker has been the most determined of the bunch for sure, renewing its bids and extending time limits many times.

“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,” Smith said.

As a result of this sale, Spyker will fund a new company named Saab Spyker Automobiles, which will assure Saab a safer future. The full business is expected to be finished sometime in mid-February and the guys who were sent to liquidate Saab will suspend all activities.

We are very happy to see the brand live on as Saab makes good cars and we hope such problems will not arouse in the future.

Press Release:

DETROIT – General Motors and Spyker Cars NV today confirmed that they have reached a binding agreement on the purchase of Saab Automobile AB.

“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,” Smith said.

As part of the agreement, Spyker intends to form a new company, Saab Spyker Automobiles, which will carry the Saab brand forward.  The sale will be subject to customary closing conditions, including receipt of applicable regulatory, governmental and court approvals.  Other terms and conditions specific to the sale will be disclosed in due time.

The Swedish government is at present reviewing the transaction and the related request for guarantees of a Saab Automobile loan that has been requested from the European Investment Bank.  Assuming quick action, the transaction is expected to close in mid-February, and previously announced wind down activities at Saab will be immediately suspended, pending the close of the transaction.

“Throughout the negotiations, GM has always had the hope to find a solution for Saab that would avoid a wind down of the brand,” added Nick Reilly, president, GM Europe. “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 on their way forward.”

Source: General Motors