Spyker, a company that was liquidated in the 1920s only to be reborn as a high-end sports car maker in 2000, said it would pay General Motors $74 million in cash and $326 million in deferred shares for Saab.
GM confirmed the pending deal but did not provide details of the transaction.
Saab, which has a devoted following among auto enthusiasts taken with its distinctive, quirky style, has failed to make money for much of the past two decades as GM was unable to find a global audience for the cars.
But GM grew wary of selling Saab and its new designs for fear of giving a potential rival a technological edge.
The irony of the David-and-Goliath deal was not lost on Victor Muller, a 50-year-old former fashion executive who engineered Spyker's revival as its chief executive.
"Under normal circumstances, probably Saab would have been buying Spyker," an exhausted Muller told a news conference in Stockholm. He said he had had no more than 15 hours sleep over the past 5 days of marathon talks.
In a statement, Muller promised Spyker would respect the "uniqueness, heritage and individuality" of the Saab brand.
The new group will become Saab Spyker Automobiles N.V.
Full story
