Koenigsegg closed the deal for buying SAAB

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Swedish car manufacturer – Koenigsegg – closed the deal on buying SAAB. It's the second collapsed deal for General Motors to sell it's lossmaking brands to outside investors.

It took two months of negotiation to sign the memorandum between Swedish Koenigsegg Automotive and American General Motors earlier this year. But a €275m gap for Koenigsegg forced Swedish car maker to get into negotiations with country government. After delays in closing the deal over financial support Koenigsegg asked to terminate the sell.

Second bidder - China’s Beijing Automotive Industry Holding Co – was declined in favour of Koenigsegg. After deal with Swedish car manufacturer China's car company agreed to buy 10% of upcoming Koenigsegg-SAAB group. Now looks like a full bid from Beijing Automotive will be consider cautiously.

Erich Merkle, Autoconomy analyst, said that closing SAAB could be the best option for General Motors.