Friday, February 25, 2011

Spyker to Sell its Sportscar Business in Order to Focus on SAAB

Spyker Cars N.V., the Dutch owner of Saab, announced today that is has started negotiations to sell its sports car brand in order to focus on the development of premium car maker Saab, which it acquired one year ago from General Motors.

The Dutch company said it will sell the assets of its Spyker sportscar business to the UK-based CPP Global Holdings Limited, owned by Russian millionaire Vladimir Antonov. The terms of the deal include an initial purchase price of EUR15 million, plus a further EUR17 million to be paid from future earnings over a six-year period. The money will be used by Spyker Cars N.V. to reduce its debt.

Once the deal is completed, the Dutch company will be renamed so it would not be confused with the Spyker brand. CPP Global Holdings Ltd. will become the owner of virtually all assets related to the Spyker business, including trademarks, intellectual property rights and, of course, the model range.

“Without Spyker we would not have been able to acquire Saab Automobile last year but the Spyker Business soon became a small fish in a large pond as a result. In terms of the overall results of Spyker Cars N.V., the Spyker Business had become immaterial, but to develop its business going forward, its cash needs are relatively significant,” said Victor Muller, CEO of Spyker Cars N.V. and Chaiman of Saab Automobile AB.

"The management of the company has very exciting plans for Spyker and the brand is entering a period of major developments," CPP's managing director Brendan O'Toole added.

CPP Global Holdings has been producing chassis and body panels for Spyker since 2000 and the C8 Aileron model since 2009. The company's controversial owner, Vladimir Antonov, used to own 29.9 percent of Spyker through his Snoras bank, but had his share bought out by Victor Muller's Tenaci Capital before the acquisition of Saab.

By Dan Mihalascu



Automotive Car. Powered by Blogger.
Twitter Delicious Facebook Digg Favorites More