The agreement is contingent on several pre-negotiated conditions, including Swedish government support and transitional assistance from GM.
GM has announced they have signed a stock purchase agreement with Koenigsegg Group AB, for 100% of Saab Automobile AB.
The agreement is contingent on several pre-negotiated conditions, including Swedish government support (funding) and transitional assistance from GM. GM and Saab will also continue to share technology, under a variety of license and service agreements, for "a defined time period."
According to GM's European President, Carl-Peter Forster, "This contract is an important step in the journey to a potential deal." He added that, "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."
Christian von Koenigsegg echoed Forster's comments by saying, "We have now concluded another important step in realizing the great potential of Saab. 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!"
Jan Åke Jonssson, Managing Director of Saab, said: "This is excellent news for everyone connected to Saab around the globe. This is an important step to secure jobs and our long-term future as a Swedish carmaker. In the short-term, it will enable us to move forward with exciting new cars starting this month with the all new Saab 9-3X."
With Saab scheduled to exit reorganization shortly, both companies expect the deal to be completed by the end of the year.