Dutch automaker Spyker has signed a framework agreement with the Chinese car manufacturer Zhejiang Youngman Passenger Car group (Youngman) to acquire 29.9% stake in Spyker and jointly set up two new joint ventures (JVs).
Under the deal, Youngman will invest $12.5m in Spyker, split between $8.3m for a 29.9% stake in the Dutch automaker and the remaining $4.1m shall be provided to Spyker in the form of a shareholder loan.
The Chinese car manufacturer is expected to pay the first tranche of the share subscription in an amount of $2.8m to Spyker within seven days of signing the deal and remaining $9.6m in about 45 days after the execution of the definitive transaction documentation.
The first JV to be called Spyker P2P B.V (Spyker P2P) will see Youngman invest $31.2m, holding 75% of the shares while Spyker will hold 25% by transferring the technology it developed for the Spyker D8 Peking-to-Paris, a $ 250,000 four door Super Sports Utility Vehicle (SSUV) as well as the Spyker trademarks.
The second joint venture will be called 'Spyker Phoenix' and it develops, manufactures a new range of premium car models based on the Saab Automobile AB-developed Phoenix platform.
Youngman will hold 80% of Spyker Phoenix' shares while Spyker will hold 20%.
Spyker Phoenix products are also expected to be manufactured in Europe and China.
Spyker CEO Victor R. Muller said, "With this Framework Agreement, Youngman and Spyker lay the foundation for an intense cooperation whereby we will pursue the objectives we each had in mind when we were forging our cooperation as partners in Saab Automobile AB."
Youngman CEO Pang Qingnian said, "With this Agreement, many of our original intentions with the "Saab" brand will still take shape and we are excited to help Spyker further develop its vehicle model range with the SSUV and vehicles based on Saab Automobile's Phoenix platform technology both in China as well as in the rest of the world."
