Dutch sports car maker Spyker buys Saab from GM for $74 Million

Dutch sports car maker Spyker Cars has agreed on the purchase of Saab Automobile AB. from General Motors (GM) for roughly $74 million, according to people familiar with the matter.

The announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide.

Spyker, which makes only a few dozen cars a year, will contribute $74 million in cash to the deal, while the European Investment Bank will provide a 400 million euro loan ($566 million) guaranteed by the Swedish government. Part of the deal is the formation of a new company: “Spyker Saab Automobiles. The final sale takes place mid-February.
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.

Spyker, founded in 2000, makes exotic sports cars costing more than $200,000. Only 250 have ever been sold. This year, the carmaker hopes to sell 100 of its Spyker cars worldwide. Spyker production was moved from the Netherlands to Great Britain late last year.

The Dutch manufacturer of exclusive sports cars tried to buy the loss-making Saab in recent months, since the parent company General Motors, one of the world’s largest automakers is selling of their popular brands such as Pontiac, Hummer and Saturn.

Saab entered the auto business in 1949 with the first model 92.  Its aerodynamic shape and advanced technology drew from the company’s roots as an aircraft maker, and helped create what was to become a loyal and passionate customer base.

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