Koenigsegg Group to Purchase Saab Automotive

A recent press release issued by General Motors Company announced that it signed a stock purchase agreement with Koenigsegg Group AB, which is purchasing 100 percent of the shares of the Saab Automotive AB. When this deal closes, projected in the next few months, Saab's future will be secure. Saab Automobile reported that they plan to exit legal reorganization soon.

The stock purchase agreement will be subject to funding agreements and other closing conditions, including expected funding commitments with Swedish government support and guarantees, along with transitional assistance from GM. GM and Saab will continue sharing technology and services during the transition period of the proposed transaction.

"This contract is an important step in the journey to a potential deal,” said president of GM Europe Carl-Peter Forster. “Saab's great cars, its unique design, safety- and engine-technology, as well as its excellent brand image, combined with Koenigsegg Group's unique combination of innovation and entrepreneurial spirit, bode well for a successful future for the brand. We will continue to work with all parties to define the final details and ensure a fast closure of the deal, which we expect to take place in the next few months,” Forster added. “The closure of the deal is contingent on the funding commitment from the European Investment Bank (EIB), guaranteed by the Swedish government.”

Saab announced that it is preparing to launch several new cars developed with General Motors. Jan Åke Jonssson, Managing Director of Saab, spoke optimistically about the transition. “This is excellent news for everyone connected to Saab around the globe,” Jonssson. “This is an important step to secure jobs and our long-term future as a Swedish carmaker. In the short-term, it will enable us to move forward with exciting new cars starting this month with the all new Saab 9-3X.”

"We have now concluded another important step in realizing the great potential of Saab,” said Christian von Koenigsegg, CEO of Koenigsegg Group. “Our plan is to transform Saab into a stand-alone vibrant entrepreneurial company and make it ‘sustainable’ by making it profitable. We will revive Saab’s Swedish heritage of ecological sensitivity, safety, design innovation and ‘fun to drive’ experience!"