Spyker Cars has paid the final instalment of the purchase price from Saab to GM

Posted on 07 July 2010. Tags: GM, Saab, Spyker

Spyker Cars N.V., manufacturer of premium automobiles under the Saab and Spyker brands, has paid the second and final instalment of the purchase price for Saab Automobile AB to General Motors.

This USD 24 million payment to GM was due on 15 July 2010. The payment was been funded from internal group sources and without any increase in external debt and no share issue causing dilution of existing shareholders. This internal funding became available following the closing of the acquisition of Saab Great Britain Limited by Spyker on 31 May 2010.

Victor Muller, CEO of Spyker Cars N.V. says: “The early payment of the second and last instalment underlines our desire to finalize the transaction with GM as soon as it was possible, enabling management to fully focus on the future of the group and the realization of Saab’s business plan”.

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