- Saab's corporate parent Swedish Automobile agrees to sell Dutch-based Spyker Cars to North Street Capital.
- The Connecticut-based private-equity firm is headed by sports-car enthusiast Alex Mascioli.
- The selling price is $43 million.
STOCKHOLM — Saab's corporate parent Swedish Automobile has agreed to sell its Dutch-based Spyker operation for $43 million to North Street Capital, a Connecticut-based private-equity firm headed by sports-car enthusiast Alex Mascioli.
An earlier deal to sell Spyker to a CPP Global Holdings, a British company controlled by Russian businessman Vladimir Antonov fell through this summer.
In an interview with Reuters, Mascioli said: "The (Spyker) operations will remain where they are and Victor (Muller) will remain the CEO and deal with the day-to-day operations. My role will be an outlet for providing resources for the company in order for them to increase their operations."
Money from the sale will be used to help reduce debt.
Saab last week won the right to bankruptcy protection in the Swedish courts and expects to meet with creditors in mid-October.
Inside Line says: Antonov meanwhile continues to keep a low profile.
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dmpete says:
03:28 AM, 10/01/2011
They didn't sell Saab for 43 million, they sold Spyker, ( which was owned by Saab) for 43 million. And if you have never seen a Spyker sports car do yourself a favor they are gorgeous. Saab is just selling off some of it's assets to ease their way into bankruptcy. Ford did the same thing with it's share in Mazda to keep from going bankrupt.
lost_in_tx says:
01:08 PM, 09/30/2011
Somebody's not reading very closely. You really think somebody sold Saab for only $43 million? Ha!
lions208487 says:
07:51 AM, 09/30/2011
I hope this means Saab can stay alive. The name Spyker seems like a meat head channel for D-bags, oh wait that's FX.
Well I hope this so called enthusiast can make Saab profitable by producing limited numbers and a very high quality product.
Alex Masciolli should think Subaru not Toyota. Maybe this guy can buy the Pontiac name and bring back the G8... again, wishful thinking.
heidis says:
12:42 PM, 09/29/2011
Hopefully this sees a better outcome than Chrysler's fling with Cerberus.
davyj0nes says:
11:24 AM, 09/29/2011
haha; SAAB lives again!