Swedish Automobile, the owner of Saab, is selling up supercar brand Spyker Cars to US equity firm North Street Capital. The deal is said to have no impact on the reorganisation of Saab.
Swedish Automobile was planning to sell the Dutch supercar maker to Russian investors earlier this year, but such deals have since fallen through. According to a preliminary announcement found by the Financial Times, US investor North Street Capital has said that “the transaction is expected to strengthen [Spyker] in its efforts for new product development and stronger positioning in its factory auto racing team”.
Although the official terms of the deal were not disclosed, the operation of Spyker Cars is said to remain unchanged. According to the preliminary announcement, the deal will have no impact on Swedish Automobile’s reorganisation of Saab either.
Saab was granted bankruptcy protection last week, which could provide enough time for investment promises to come through from two Chinese companies. Once the investments come through, Saab will be able to begin paying off debts owed to its workers and suppliers.
The investment from Pang Da and Youngman will inject 245-million-euro ($331 million) into Swedish Automobile. It’s unknown how much North Street Capital is paying for Spyker Cars.