General Motors doesn’t have a sterling reputation for selling unwanted brands. The Detroit automaker failed to complete the sale of its Saturn brand to Penske and has also seen one deal to sell its Saab brand go by the wayside. However, the Swedish brand is now officially safe as Saab has transferred ownership to Spyker.
Spyker Cars N.V. officially announced on Tuesday that it has completed its acquisition of General Motors’ Saab brand. Going forward, Saab and Spyker will operate as sister companies under parent company Spyker Cars N.V. Jan Åke Jonsson will act as Saab CEO.

“We are delighted – Saab’s future is now secure,” Victor Muller, CEO of Spyker Cars N.V., said in a statement. “From today we will be concentrating all of our efforts into reviving Saab and transforming it into a sustainable and profitable company with the confidence to be bold. We will reinforce the emotional experience between Saab drivers and their cars and we will focus on Saab’s historical strengths in the fields of independent thinking, aircraft heritage, ecological performance and motorsport.”

The announcement also marks the end of Saab bankruptcy protection under European courts.