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Saab lives on

Spyker announces its acquisition of Saab from GM.

Saab 9-5
Saab can resume work on its new 9-5 sedan. Josh Miller/CNET

Spyker Cars announced today that it finalized a deal with GM to buy the Saab brand, including all intellectual property, facilities, and infrastructure. Spyker will pay GM $74 million for Saab, with $50 million due February 15, and the balance on July 15 of this year. The deal requires Saab to acquire a loan of 400 million Euro, which the Swedish government has already agreed to back.

Spyker Car will change its name to Saab Spyker Automobiles N.V.

This deal caused Saab to halt its winding-down process, and resume plans to produce the new 9-5.

Spyker Cars is a very young company, founded by Victor Muller in 1999. The company is a low-volume manufacturer of exotic cars designed by Muller, such as the Aileron.

Rumors about a potential deal between GM and Spyker have been circulating for the past few months.