Detroit, Michigan – A deal to sell Saab Automobile AB is now complete, with Spyker Cars NV purchasing the Swedish-based automaker from General Motors.

Going forward, Saab and Spyker will operate as sister companies under the Spyker umbrella, with Spyker assuming responsibility for Saab operations. The previously-announced wind down of Saab operations by General Motors has ended.

“This transaction represents the successful outcome of months of hard work and intense negotiations, all aimed at securing a sustainable future for this unique brand, and we are pleased with the positive outcome,” said John Smith, GM vice-president for corporate planning and alliances. “This is a great day for Saab employees, dealers and suppliers, and a great day for millions of Saab customers and fans worldwide.”

Saab entered the automobile business in 1949; GM acquired a 50 per cent stake in it in 1990, and acquired the balance in 2000. As part of its strategy to concentrate on four brands in the U.S., GM began seeking a buyer for Saab in January 2009.

“From today, we will be concentrating all of our efforts into reviving Saab and transforming it into a sustainable and profitable company with the confidence to be bold,” said Victor Muller, CEO of Spyker Cars. “We will reinforce the emotional experience between Saab drivers and their cars and we will focus on Saab’s historical strengths in the fields of independent thinking, aircraft heritage, ecological performance and motorsport.”

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