ZURICH - General Motors Co. confirmed today it has signed a stock purchase agreement with Swedish automaker Koenigsegg Group AB regarding the sale of Saab Automobile AB.
The deal is expected to conclude in the next months, and Saab Automobile plans to exit legal reorganization shortly.
The stock purchase agreement will be subject to agreed closing conditions, such as 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, which 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.
“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!" said Christian von Koenigsegg, CEO of Koenigsegg Group.