Zurich, Switzerland – A consortium led by Swedish exotic sports car manufacturer Koenigsegg Automotive has signed an agreement to purchase Saab from General Motors.
The sale, expected to close by the end of the third quarter of 2009, also includes an expected funding commitment of US$600 million from the European Investment Bank, guaranteed by the Swedish government. Additional support will be provided by GM and Koenigsegg Group AB to fund Saab’s operations and product program investments, including plans to launch several new products that are in the final stages of development.
Saab filed for reorganization under Swedish law on February 20, 2009. This tentative agreement is a key milestone for the company to successfully emerge from the reorganization process.
As part of the proposed transaction, GM will continue to provide Saab with architecture and powertrain technology during a defined time period. Saab plans to produce its next-generation 9-5 models in the Saab production facility in Trollhättan, Sweden.