Detroit, Michigan – General Motors has reached a binding agreement to sell Saab Automobile AB to Spyker Cars NV.

“Today’s announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM,” said John Smith, GM vice-president for corporate planning and alliances. “General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we’re all happy for the positive outcome.”

As part of the agreement, Spyker intends to form a new company, Saab Spyker Automobiles, which will carry the Saab brand forward. The Swedish government is reviewing the transaction and a related request from the European Investment Bank for guarantees of a Saab Automobile loan.

GM’s previously-announced wind-down activities at Saab will be immediately suspended, pending the close of the transaction. Assuming quick action, the deal is expected to close in mid-February.

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