It has been confirmed that Dutch sports carmaker Spyker is to buy Saab from General Motors (GM). GM will receive $74 million in cash for the brand, paid in two instalments, and $326 million in preferred shares of Saab, according to Associated Press reports.

Spyker intends to form a new company, Saab Spyker Automobiles and this is likely to mean Spyker Sports cars being sold through the Saab network. A previously announced wind-down of Saab operations has now been suspended as the deal, which is part funded by the European Investment Bank, goes through.