GM has reached a deal today to sell its money loosing sweedish subsidary Saab to Koenigsegg Group AB.

The companies have signed a stock purchase agreement which will give the sweedish maker of supercars, Koenigsegg, 100 percent of Saab’s shares, GM said in a statement.

“This contract is an important step in the journey to a potential deal,” GM Europe President Carl-Peter Forster said in the statement. “We will continue to work with all parties to define the final details and ensure a fast closure of the deal.”

The Sweedish government is currently negotiating with Koenigsegg on a possible gurantee for a loan to Saab from the European Investment Bank, a pre-condition for the deal.

Source: Autonews Europe & Reuters

Sweedish newspaper Dagen Industri has reported that Koenigsegg chairman Augie Fabela said 3 billion Sweedish crowns ($413.6 million) of financing was still required in addition to the EIB loan.

As a part of the propsed deal, GM and Saab will continue to share technology  and service for a time period and use license and service agreements to manage their future relationship.

In the GM Europe statement, Koenigsegg Group CEO Christian von Koenigsegg said his company plans to “transform Saab into a stand-alone vibrant entrepreneurial company and make it ’sustainable’ by making it profitable.”