Victor Muller

Saving Saab: Spyker To Sell Luxury Sports Car Biz To Save Swedish Icon

Spyker, maker of hand-built exotic cars, is selling that business to a Russian billionaire, while it concentrates on reviving Swedish premium carmaker Saab.

Spyker, which bought Saab from General Motors in 2010, has signed a memo of understanding to sell the Spyker business and brand to Russian financier Vladimir Antonov, who owns CPP Global Holdings in the U.K.

The sale of Spyker is expected to raise $44 million, substantially reducing the company's debt, and positioning it better to give Saab a shot at surviving as a niche premium car brand.

Tags: Bob Lutz, GM, Saab, Saab 9-3, Saab 9-5, Spyker, Victor Muller, Vladimir Antonov