Friday, February 25, 2011

Hot News: Spyker Sells Sport Car Division

Spyker has signed a memorandum of understanding to sell its supercar business to CPP Global Holdings, a coachbuilding company based in Coventry.

The purchase price of €32million (£27million) is split - €15million (£12.7 million) is payable straight away, with the remainder to set to follow over a six-year earn-out period.

CPP is a coachbuilding company with a workforce of 250 automotive specialist designers, technicians and craftsmen. Vladimir Antonov, the Russian billionaire who is also the major shareholder in the Snoras Bank, owns CPP and had already signed a deal to build the firm’s new C8 Aileron supercar.

The deal ensures investment in the Spyker supercar brand, while also enhancing Antonov’s relationship with SAAB’s boss Victor Muller.

Antonov has also been rumoured to be planned to invest in the promoters of the World Rally Championship, securing the investment in the firm to develop and expand its coverage. As a long-time SAAB lover, it is believed that Antonov’s investment in North One is a precursor to SAAB entering the WRC with a car based on the forthcoming 9-1. For more details click here.
Thanks to: Auto Express