Swedish sports car manufacturer Koenigsegg to buy GM’s Saab

June 16, 2009

(ChattahBox) — As rumored last week General Motors Corp. has found a buyer for it’s Saab Automobile AB unit, which it acquired in 2000.

After being on the market for months, Swedish sports car manufacturer Koenigsegg Group AB has reached an agreement to acquire Saab  for an undisclosed sum, the companies said Tuesday.

Saab filed for reorganisation under Swedish law on 20 February and the deal includes an expected $600 million funding commitment from the European Investment Bank guaranteed by the Swedish government, the companies said in a statement.

The sale, is expected to close by the end of the third quarter of this year,

Koenigsegg produces 18 super cars a year and employs less then 50 people, so as part of the proposed transaction, GM will continue to provide Saab with design and powertrain technology during a defined time period.

Saab employs about 3,400 workers, most at its main factory in Trollhattan in southwestern Sweden.

GM itself filed for protection from its creditors earlier this month, is also set to sell the Opel and Vauxhall brands going to Canada’s Magna.



One Response to “Swedish sports car manufacturer Koenigsegg to buy GM’s Saab”

  1. Swedish sports car manufacturer Koenigsegg to buy GM’s Saab | ChattahBox News Blog | TwURLed News (beta) on June 17th, 2009 1:16 am

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