GM Signs Agreement to Sell Saab

We use the word “mostly” only because Swedish government officials have said that more capital is needed before the deal can be closed. While the specifics of the deal have been kept under wraps, the Swedish Ministry of Enterprise has said that Koenigsegg must add more private capital and negotiate loans with the European Investment Bank. Approval from the European Commission must also be secured, and the Swedish National Debt Office must make state credit guarantees.

While these bureaucratic hurdles remain, Swedish business papers have reported that the main obstacle is $412 million in capital that Koenigsegg needs to put up, as well as the loan from the European bank. Carls-Peter Forster, the president of GM Europe, has said he expects the deal to be completed in the next few months.

Saab will launch several new cars it developed with GM — including an all-new 9-5 sedan — and continue to share services and technology with the Detroit automaker for “a defined period of time,” according to GM.

GM Seals Deal to Sell Saab to Koenigsegg (Detroit Free Press)