Allen & Overy (A&O) has taken a lead role as General Motors (GM) and Spyker reached an agreement for the purchase of Saab Automobile yesterday (26 January) after months of discussions.

The magic circle firm advised Spyker on the deal, which has been agreed at a cut-price value of $400m (£247m), but will see the small Dutch auto maker save the Saab brand from disappearing after GM announced plans to wind down operations late last year.

GM has been looking for a buyer for the loss-making Swedish car brand since the failure of a takeover bid by Swedish sports car maker Koenigsegg last autumn.

A&O advised Spyker with a team including Amsterdam-based corporate partner Tim Stevens, while the Dutch car manufacturer instructed Swedish independent firm Cederquist as local counsel.

Swedish independent Hammarskioeld & Co won the lead mandate for GM, fielding a team led by name partner Peder Hammarskioeld and corporate finance partner Carl-Johan Deuschl.

Sweden's Cederquist also took a role as Swedish counsel to Spyker, while the Stockholm office of Finnish firm Roschier advised Saab with a team led by partners Maarten Willamo and Ola Aahman.

The Cederquist team was led by senior partner Wilhelm Luening, corporate partner Tone Myhre-Jensen and finance partner Mattias Larsson.

Meanwhile, Vinge has advised the Swedish Government, which agreed to help with the financing of the deal in a bid to save local jobs.

Spyker was left as the only remaining bidder for Saab after a consortium formed by Formula 1 boss Bernie Ecclestone and Genii Capital withdrew on Monday (25 January).

GM's bankruptcy last year handed roles to a raft of law firms, most notably Weil Gotshal & Manges, with high-profile bankruptcy partner Harvey Miller in the driving seat for the US firm.