US automaker General Motors Co. has reached a deal to sell its Swedish Saab brand to Dutch luxury automaker Spyker Cars NV, the company said in a report reaching Tuesday.

Spyker agreed to pay US$74 million in cash and US$326 million in preferred shares in the company that would emerge from the deal plus undisclosed consideration for GM.

According to a Detroit News report, Spyker will form a new company, Saab Spyker Automobiles NV, and will continue to sell vehicles under the Saab brand.

The Swedish government is reviewing the transaction and agreed to provide loan guarantees of as much as US$563 million for Saab Automobile through the European Investment Bank. The deal could close in mid-February.

GM will be paid the US$74 million in two installments: 50 million on or before February 15 and the balance on July 15.

Spyker is acquiring all intellectual property rights, trademarks and facilities and will sell the next-generation Saab 9-5, which is under production by Saab.

Last year, Saab sold 8,680 vehicles in the US, down 59.4 percent from a year earlier.

(Xinhua News Agency January 27, 2010)