Home / Auto News / News article: Spyker Completes Saab Purchase from General Motors Ahead of Schedule - AutoGuide.com News
 |  Jul 06 2010, 9:01 AM

IMG_5165.JPG

In what is no doubt a bid to prove the viability of the Saab brand and the stability of its new ownership, Spyker Cars has announced the completion of its purchase of Saab from GM ahead of schedule. The final $24 million payment is due in two weeks time, but Spyker chose to complete the deal early.

In a statement, Spyker also said the funds came from “internal sources” and that no addition debt was taken on in order to complete the deal.

Spyker can now begin the process of returning Saab to profitability, a move that is expected to include expansion into new markets as well as the introduction of new models like the new 9-5, the 9-4X and eventually an all-new 9-3 and the much-discussed 9-2 mini car, that will reportedly run off the current generation MINI platform, using engines from BMW.

In addition, Spyker will sell its Dutch exotic cars at Saab dealerships internationally.

Official press release after the jump:

PRESS RELEASE

Zeewolde, the Netherlands, 5 July 2010 – Spyker Cars N.V. (“Spyker”), manufacturer of premium automobiles under the Saab and Spyker brands, today confirmed it has paid the second and final instalment of the purchase price for Saab Automobile AB (“Saab”) to General Motors (“GM”).

This USD 24 million payment to GM (plus interest) was due on 15 July 2010, but Spyker opted to pay almost two weeks early.

The payment has been funded from internal group sources and without any increase in external debt and no share issue causing dilution of existing shareholders. This internal funding became available following the closing of the acquisition of Saab Great Britain Limited by Spyker on 31 May 2010.

Victor Muller, CEO of Spyker Cars N.V. says: “The early payment of the second and last instalment underlines our desire to finalize the transaction with GM as soon as it was possible, enabling management to fully focus on the future of the group and the realization of Saab’s business plan”.