In what just may turn out to be a miracle, Spyker Cars has come one step closer to closing a deal to acquire Saab from GM.
According to Bloomberg, GM and Spyker officials met in Stockholm over the weekend to finalize details of a plan to sell the Swedish automaker to Spyker, and it looks like it’s the real deal this time.
For what it’s worth, Bloomberg is citing two sources close to negotiations that peg the net worth of Spyker’s offer for Saab at $500 million, made up of cash and stock. As part of the deal, Spyker would allegedly pay $75 million in cash and $325 million in preferred stock in exchange for Saab. It’s unclear where the remaining $100 million will come from.
But the purchase comes with strings attached, which – in this case – are made up of the following two contingencies. First up is Vladimir Antonov – a Russian businessman who serves as Spyker chairman and is also the largest investor in Zeewolde. Reportedly, he must leave Spyker for the deal to go through. Second is a loan from the European Investment Bank to Spyker-Saab that will be necessary for Spyker to integrate Saab appropriately.
Moreover, Genii Capital, backed by F1 tycoon Bernie Ecclestone, has formally conceded from the bidding, with Lars Carlstroem telling Bloomberg the following:
We have worked hard, unfortunately time was not on our side. We are pleased to hear about Victor [Muller, Spyker CEO] and his attempt to buy Saab. He’ll be a perfect owner for Saab going into the future.
Genii joins the growing list of bidders that have dropped out of the bidding process for Saab, including Wyoming-based Merbanco and Swedish exotic supercar maker Koenigsegg. China’s BAIC was the backer of the Koenigsegg deal, but when that fell through, decided to purchase $200 million worth of Saab technology and tooling for older Saab models such as the last-gen 9-5 and pre-2006 9-3. Meanwhile, production of the all-new 9-5 sedan has begun in Sweden.
Hit up the break for our legendary GM Authority take!
The GM Authority Take
This looks to be really good news for all parties involved and finally puts the proverbial light at the end of the tunnel (the end of the Saab Sales Saga) in focus.
The entire GM Authority team remains hopeful that Saab is sold rather than sent to the automotive graveyard. In fact, this particular blogger believes that – thanks to GM – the brand was never given the opportunity to fully realize its potential. Keep those Save Saab events going, guys & gal’s!
Stay tuned to our Saab Sales Saga series for the latest and most complete developments with the Saab sales process.