Saab parent Swedish Automobile has announced it will be selling its Spyker sportscar business. Swedish Automobile will use the proceeds of the sale to help pay down Saab’s outstanding debts.
If this story sounds like a re-run, you’re not far off. Swedish Automobile announced in February that it was selling its Spyker division to CPP Global Holdings Limited. However, that deal fell through in August, leaving the future of the company up in the air.
But Spyker now looks to be on solid ground as it is moving to the ownership of North Street Capital. The sale was championed by North Street Capital managing director Alex Mascioli, who also happens to be a racing car enthusiasts.
“I like to throw a car around a track but I’ve never been professional,” Masciolo told Reuters. However, Masciolo insists his company is not buying Spyker on a whim. “I am not buying this as a toy,” he added.
North Street is paying $44 million cash for Spyker, so there isn’t expected to be any hold ups in the buying process. The transaction could be completed as soon as next month.
Swedish Automobile CEO Victor Muller will retain his role as Spyker CEO.
References
1.’Saab owner to sell…’ view
