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Saab owner, Swedish automobile, is to sell sport car portfolio, Spyker to American buyers

Thursday, 29 September 2011
Saab Automobile's holding company Swedish Automobile has reached an agreement with U.S. private equity firm North Street Capital to sell sports car business  Spyker,  according to a statement.

The deal will give the Swedish Automobile $32 million, just over Skr295 million. As Victor Muller’s Tenaci Company has pledged to Spyker's assets, the proceeds of the sale will be used to redeem the Swedish Automobiles debt to Tenaci, the company said further.

“North Street is a long-term investors and have the resources to strengthen the Spyker brand,” writes Saab on.
The deal with North Street will not affect the Swedish Automobile in efforts to reconstruct the Saab part of the business according to reports.

The plan is that Victor Muller will remain as CEO of Spyker sports cars.
But Saab stresses in a statement that the deal is still uncertain. "There is no guarantee that negotiations can be concluded successfully," writes one. The terms may change.

Spyker sports car business was previously supposed to be sold to the Russian businessman Vladimir Antonov Company’s CPP Company, but in Swedish Automobiles interim report in late August, it appeared that the deal had been discontinued.

According to Antonov Swedish spokesman, Lars Carlstrom, the failure to secure the deal was because of the legal aspects with regard to Saab's precarious position.
By Scancomark.se Team

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