(January 27, 2010) Saab fans rejoice. Their beloved Swedish cars will be saved from the dustbin of history, saved from the same fate that befell Pontiac and Saturn.

General Motors and Spyker Cars today confirmed that they have reached a binding agreement on the purchase of Saab Automobile AB.

The purchaser is the unlikely Dutch luxury sports car manufacturer, Spyker, which sees the union as a way to expand its own global distribution base.  Though GM officials describe the deal as “binding,” it will still depend upon a review by the Swedish government, which is reviewing the transaction and a request for guarantees of a loan from the European Investment Bank, which will be used to complete the purchase.

"Today’s announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM,” said John Smith, GM vice president for corporate planning and alliances.

“General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we're all happy for the positive outcome,” Smith said.

As part of the agreement, Spyker intends to form a new company, Saab Spyker Automobiles, which will carry the Saab brand forward.  The sale will be subject to customary closing conditions, including receipt of applicable regulatory, governmental and court approvals.  Other terms and conditions specific to the sale will be disclosed in due time.