Koenigsegg to buy Saab
Swedish supercar maker Koenigsegg reaches agreement with GM to buy Saab
Saab’s future looks to be secured thanks to a buyout from fellow Swedes Koenigsegg. General Motors, Saab’s current owner, has signed a memorandum of understanding for the company’s purchase by Koenigsegg Group.
The latter is the combined efforts of the supercar manufacturer and a consortium of private investors, which has reached a tentative agreement to buy Saab, with an additional $600 million funding commitment (or £365m) from the European Investment Bank, guaranteed by the Swedish government. General Motors are unlikely to receive a fee from Koenigsegg Group for Saab, but will benefit from the loss of another brand (and its debts) from the GM books.
GM will continue to provide Saab with architecture and powertrain technology for a defined (but undisclosed) time period, something especially key with the launch of the brand-new Saab 9-5 saloon at the end of the year. It’s a very key car to the company’s future, but this buyout should ease worries at Saab’s Trollhattan plant for now.
Saab’s MD, Jan Ake Jonsson, said ‘The proposed agreement will enable us to maximise the brand’s potential through an exciting new product line-up with a distinctly Swedish character. Today’s announcement is great news for Saab’s current and future customers, dealers, suppliers and employees around the globe.’