General Motors announced today that it signed a stock purchase agreement with Swedish supercar maker Koenigsegg regarding the sale of its Saab subsidiary.
With the stock purchase agreement signed, the only things holding up the sale are the closing conditions. One of the main closing conditions is the funding for the independent company. Some of the funding will come from the Swedish government in the form of loans and loan guarantees, while the remainder will come from GM.
“This contract is an important step in the journey to a potential deal,” said Carl-Peter Forster, president of GM Europe. “Saab’s great cars, its unique design, safety and engine technology, as well as its excellent brand image, combined with Koenigsegg Group’s unique combination of innovation and entrepreneurial spirit, bode well for a successful future of the brand.”
“We will continue to work with all parties to define the final details and ensure a fast closure of the deal, which we expect to take place in the next few months. The closure of the deal is contingent on the funding commitment from the European Investment Bank, guaranteed by the Swedish government.”
Unlike the Opel-Magna deal, the details on product and technology rights have already been ironed out between the two automakers. GM agreed to share technology and services with Saab for a defined period. Saab will also launch several cars developed with its soon-to-be ex-American parent that are in the late development stages, likely the new 9-5 and 9-4X.
“We have now concluded another important step in realizing the great potential of Saab. Our plan is to transform Saab into a stand-alone, vibrant entrepreneurial company and make it ‘sustainable’ by making it profitable,” said Christian von Koenigsegg, CEO of Koenigsegg Group.
“We will revive Saab’s Swedish heritage of ecological sensitivity, safety, design innovation, and ‘fun to drive’ experience.”