GM and Koenigsegg have announced that a deal has been finalized between the two over the sale of Saab. The deal involves a 100 percent sale of Saab to Koenigsegg by the end of the year. The final piece of the deal involves funding from the European Investment Bank in the amount of 4.3 billion kronor, which is dependent on the Swedish government.
The exact price that Koenigsegg is paying for Saab has not been disclosed, but according to sources it is very low.
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PRESS RELEASE:
General Motors and Koenigsegg Group Sign Stock Purchase Agreement for the Sale of Saab Automobile AB
* The deal is expected to close by year’s end and will secure Saab’s future
* The closing will be subject to funding agreements and other closing conditions
* Saab Automobile plans to exit reorganization shortly
Zurich. General Motors Co. today confirmed it has signed a stock purchase agreement with Koenigsegg Group AB regarding the sale of 100% of the shares of Saab Automobile AB. The deal is expected to conclude in the next months and will then secure Saab’s future. Saab Automobile plans to exit legal reorganization shortly.
The stock purchase agreement will be subject to agreed closing conditions. Conditions to close the sale include expected funding commitments with Swedish government support and guarantees, as well as transitional assistance from GM, as Saab becomes independent. Saab is about to launch several new cars, developed with General Motors, that are in the final stages of development.
As part of the proposed transaction, GM and Saab will continue to share technology and services during a defined time period. This will be managed through licenses and service agreements.
“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 for 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 (EIB), guaranteed by the Swedish government,” Forster added.
“We have now concluded another important step in realizing the great potential of Saab,” said Christian von Koenigsegg, CEO of Koenigsegg Group. “Our plan is to transform Saab into a stand-alone vibrant entrepreneurial company and make it ‘sustainable’ by making it profitable. We will revive Saab’s Swedish heritage of ecological sensitivity, safety, design innovation and ‘fun to drive’ experience!”
Jan Åke Jonssson, Managing Director of Saab, said: “This is excellent news for everyone connected to Saab around the globe. This is an important step to secure jobs and our long-term future as a Swedish carmaker. In the short-term, it will enable us to move forward with exciting new cars starting this month with the all new Saab 9-3X.”
