Koenigsegg buys Saab

After months of speculation, Saab has finally been sold – and the ailing firm has been bought by fellow Swedish brand and builder of some of the world's fastest supercars, Koenigsegg.

GM Europe sent a memo detailing an ‘understanding’ between the two firms and that a final deal will be made by September this year.

Details are scarce, but we do know that GM will continue to provide platforms and parts for a ‘defined time period’, which means the new Saab 9-5 will launch on time as promised.

It's understood that 370million euros will come from the European Investment Bank, while further investment will come from both GM Europe and Koenigsegg.

Carl-Peter Forster, GM Europe President, said: “Saab is a highly respected automotive brand with great potential. Closing this deal represents the best chance for Saab to emerge a stronger company.”

Interestingly, Volvo has a small stake in Koenigsegg as the supercar maker sold shares in exchange for the use of Volvo's wind tunnel. How this will impact on the future running of Saab remains to be seen.