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General Motors and Koenigsegg Group Sign
Stock Purchase Agreement for the Sale of Saab Automobile AB
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The deal is expected to close by year’s end and will secure
Saab’s future
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The closing will be subject to funding agreements and other
closing conditions
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Saab Automobile plans to exit reorganization shortly
General Motors Co. today confirmed it
has signed a stock purchase agreement with Koenigsegg Group AB
regarding the sale of 100% of the shares of Saab Automobile AB.
The deal is expected to conclude in the next months and will
then secure Saab’s future. Saab Automobile plans to exit legal
reorganization shortly.
The stock purchase agreement will be
subject to agreed closing conditions. Conditions to close the
sale include expected funding commitments with Swedish
government support and guarantees, as well as transitional
assistance from GM, as Saab becomes independent. Saab is about
to launch several new cars, developed with General Motors, that
are in the final stages of development.
As part of the proposed transaction, GM
and Saab will continue to share technology and services during a
defined time period. This will be managed through licenses and
service agreements.
"This contract is an important step in
the journey to a potential deal, said Carl-Peter Forster,
president of GM Europe. “Saab's great cars, its unique design,
safety- and engine-technology, as well as its excellent brand
image, combined with Koenigsegg Group's unique combination of
innovation and entrepreneurial spirit, bode well for a
successful future for the brand.
We will continue to work with all
parties to define the final details and ensure a fast closure of
the deal, which we expect to take place in the next few months.
The closure of the deal is contingent on the funding commitment
from the European Investment Bank (EIB), guaranteed by the
Swedish government,” Forster added.
"We have now concluded another
important step in realizing the great potential of Saab,” said
Christian von Koenigsegg, CEO of Koenigsegg Group. “Our plan is
to transform Saab into a stand-alone vibrant entrepreneurial
company and make it ‘sustainable’ by making it profitable. We
will revive Saab’s Swedish heritage of ecological sensitivity,
safety, design innovation and ‘fun to drive’ experience!"
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