Skadden takes front seat on GM's Saab sell-off
Skadden Arps Slate Meagher & Flom has advised Sweden's Koenigsegg on its acquisition of General Motors' loss-making brand Saab. The deal, which was backed by Norwegian and US investors, saw Skadden field a team including City corporate finance partner Pranav Trivedi.
June 17, 2009 at 11:39 AM
2 minute read
Skadden Arps Slate Meagher & Flom has advised Sweden's Koenigsegg on its acquisition of General Motors' loss-making brand Saab.
The deal, which was backed by Norwegian and US investors, saw Skadden field a team including City corporate finance partner Pranav Trivedi.
The luxury sports car manufacturer also instructed Swedish law firm Lindahl, whose team included Stockholm-based corporate finance and arbitration partner Tomas Rudenstam.
Swedish firm Hammarskioeld & Co took the lead role for GM on the sale, with a team headed up by the firm's senior partner Peder Hammarskioeld, alongside M&A partner Carl-Johan Deuschl.
The disposal is still to be finalised and is expected to close by the end of the third quarter of this year, subject to approval. A value has yet to be published, although the deal includes a $600m (£369m) funding commitment from the European Investment Bank guaranteed by the Swedish Government.
The Saab disposal comes as GM also sells its Opel and Hummer brands to Canadian car parts manufacturer Magna and Chinese Sichuan Tengzhong Heavy Industrial Machinery respectively, handing advisory roles to a number of firms including Baker & McKenzie, Shearman & Sterling, Gleiss Lutz and Jenner & Block.
Like GM, Saab Automobile is currently undergoing a restructuring, led by Guy Lofalk of Guy Lofalk Advokatbyra.
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