Spyker acquires Saabs UK dealership company

04 June 2010

As the relation between Spyker Cars NV and Saab Automobile continues to grow stronger, the former has confirmed that it has finalised the deal with General Motors UK

As the relation between Spyker Cars NV and Saab Automobile continues to grow stronger, the former has confirmed that it has finalised the deal with General Motors UK to acquire Saab Great Britain Ltd, the UK dealership network for Saab cars.

"We are delighted - this is great news for employees of Saab GB and its franchised dealers. We are now looking forward to a busy period of exciting new product launches over the next 24 months, starting with the UK launch of the all new 9-5 in our dealers on July 8th", said Jonathan Nas, managing director of Saab GB.

Saab completed its transfer over to Spyker last February, following troubled times. Under the terms of the agreement, Spyker received a loan worth 400 million guaranteed by the government of Sweden, while GM retained $326 million worth of preferred shares in Saab.

The deal safeguards the future of Saab GB and hints the start of a new period for it as part of the newly independent organisation - Saab-Spyker.

Over the coming months, Saab GB will finalise a carve-out process from GM UK allowing it to operate as a newly independent firm. The process will end in a move to new locations, expected to happen in August 2010.

"We are very pleased that we have managed to finalize the acquisition of Saab GB within the time frame... and thank General Motors for their cooperation. We look forward to seeing Saab GB flourish with the introduction of so many new products in the coming months", said Victor Muller, CEO of Spyker Cars N.V.

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