Under the deal, GM will get $74 million in cash plus $326 million worth of preferred shares in Saab. GM will get "other considerations," which it did not specify. The Swedish government also is ready to guarantee a loan of up to $550 million from the European Investment Bank, Industry Minister Maud Olofsson said.
The deal is a coup for Spyker and a lifeline for Saab, which has lost money for years under GM's ownership and was slated for liquidation. Saab has about 3,500 employees in Sweden.
It's also a huge challenge for Spyker, which sold only 23 cars in the first half of 2009, its most recent reporting period, and posted a net loss of $12.2 million. The 11-year-old company has yet to make a profit, but it says funding for its operations have been guaranteed through 2010.
Spyker CEO Victor Muller said in a statement that the company is happy to have saved the brand and secured the jobs of thousands of workers.
"Saab is an iconic brand that we are honored to shepherd," he said in the statement, adding that support from many of the 1.5 million Saab drivers worldwide helped get the deal done.
Saab spokeswoman Gunilla Gustavs said, "We are very happy" about the sale.
Under the deal, GM will continue to provide engines and transmissions for the new company for "an extended period of time," and it will keep making the 9-4X crossover vehicle for Saab, said John Smith, GM's vice president of planning and alliances.
Crossovers have the interior room of an SUV but are built on a car instead of a truck frame.
GM hopes to close the deal by mid-February, Smith said.
Spyker will continue to provide vehicles for and support Saab's U.S. dealers, Smith said.
The Dutch automaker also will guarantee up to $10 million in Saab's obligations to GMAC, which is GM's financing arm.
Associated Press writers Malin Rising and Karl Ritter contributed to this report.
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