It looks like Saab's ownership is going back to Europe. The Dutch car company, Spyker, has just announced that it made a deal with General Motors to transfer ownership of the historic Swedish car company. The deal, which is expected to close in February, will have Saab "exiting the orderly wind down process in line with that timetable."
The deal ensures that Saab's status as an independent car maker stays intact. It is said to be worth $74 million, to be paid in two installments.
The following are some interesting bullet points regarding the sale:
* Upon completion of the transaction GM will retain redeemable preference shares of USD 326 million. The preference shares represent less than 1% of the voting rights in the capital of Saab.
* In order to allow Saab to operate on a stand-alone basis outside GM, Saab and GM will enter into a number of ancillary agreements. As part of the transaction, Spyker intends to negotiate the acquisition of all the outstanding shares in Saab Great Britain Limited, the UK distribution, marketing and sales company for Saab from General Motors UK Limited.
* Spyker will issue a corporate guarantee not exceeding USD 10 million for Saab's obligations to and for the benefit of the financing company GMAC.
There's a lot more in the official release from Spyker, but what seems to be clear is that Saab will still be around, and that's a good thing for enthusiasts.