GM confirmed the deal but did not disclose the price. The company has already begun to wind down Saab in preparation for its sale. As part of the agreement, Spyker will take over Saab and form a new company called Saab Spyker Automobiles. The deal promises to save 3,400 jobs at Saab's plant in Sweden, as well as extending the life of the innovative design and technology brand.

Spyker is a super-car manufacturer which built only 43 vehicles last year, compared to Saab's annual sales of over 90,000 units. Spyker's chief executive, Victor Muller, said the company is looking forward to being a part of Saab's illustrious history. "Saab is an iconic brand that we are honoured to shepherd," he said. The Russian businessman Vladimir Antonov is the largest investor in Spyker.

GM Europe's chief executive, Nick Reilly, said GM will continue to support Saab and Spyker on their way forward. The deal is subject to Swedish government guarantees for a £348m loan agreement between Saab and the European Investment Bank. GM had come close to an agreement with the supercar producer Koenigsegg for Saab with the backing of Chinese automaker Beijing Automotive Industry Holding Co (BAIC). The deal, however, collapsed in November.