Swedish Automobile N.V. [Swan] owner of cash-strapped Saab, announced today that it has reached an agreement with US-based private equity firm North Street Capital LP concerning the main terms for the sale of its Spyker luxury sports car business.
North Street Capital LP is based in Greenwich, Connecticut and its managing partner, Alex Mascioli, also doubles as a race car driver.
The Swedish company said it will receive €32 million ($43.6 million USD) “if and when the sale would become wholly unconditional”, adding that “since the Spyker assets arepledged to Tenaci Capital B.V. (Tenaci) the net proceeds of a sale will be used to redeem Swan’s debt to Tenaci.”
Swan CEO Victor Muller, who has sought to sell Spyker since February in order to focus on Saab, will remain as Spyker CEO in order to ensure the continuity of the carmaker’s relationship with its customers.
The company notes, however, that there can be “no assurance” that the negotiations will be completed successfully and the final agreement will be reached on the already discussed or different terms.
Maybe that’s because Muller knows from his prior experience with Saab and Spyker and their former suitor, Victor Antonov, that it ain’t over until it’s really over…
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