Turkish Private Equity Firm Confirms Saab Bid in the Works
A Turkish private equity firm, Brightwell Holdings, has announced its interest in placing a bid on now bankrupt Swedish automaker, Saab. The firm, based out of Istanbul, invests in energy, transport and technology and wishes to buy all of Saab and wishes to keep production in Sweden.
“We will make a bid very shortly, there’s no question,” Zamier Ahmed, a board member of the group, said. The firm is currently in discussions with those overseeing Saab’s bankruptcy in addition to Saab CEO Victor Muller. Brightwell Holdings aren’t the only ones making bids, as China’s Youngman continues its pursuance of Saab with rumors that they’ll make an offer worth several billion Swedish crowns.
Brightwell’s offer is probably a couple of weeks out though as they continue to evaluate Saab’s assets, including its inventories, in order to determine what they’ll be willing to pay. For Saab to emerge from bankruptcy however, the offer will need GM’s approval along with the Swedish government and the European Investment Bank.
[Source: Automotive News Europe]
Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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