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Saab
Done deal: Spyker Cars buys Saab
Feb 23, 2010 9:10 PM
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Saab 9-4X concept.
On Tuesday, General Motors sold its former Saab division to Dutch supercarmaker Spyker Cars in a deal valued at just under $1 billion. The sale, begun in December, will avert the shutdown of Sweden’s secondary carmaker and allow Saab to continue development of its upcoming 9-5 sedan and 9-4x SUV.

The 9-5 is expected to begin production in April. The 9-4x is already on sale in Europe and is expected also to come to America.

Spyker builds exotic cars costing upwards of $250,000 under the name of a historic Dutch automaker from the Brass Era.

Financials include $74 million in cash, $326 million in preferred stock, and debt of $550 million from the European Investment Bank, backed by the Swedish government. The new company will be called Saab Spyker Automobiles.

—Eric Evarts

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