The Koenigsegg Group, a consortium led by the exclusive Swedish sports car manufacturer of the same name, has clinched a deal with General Motors to purchase Saab Automobile.

After lengthy negotiations, the contract was signed on Monday evening, Dagens Industri reports. The clincher came after a share transfer agreement was signed earlier which paved the way for the Koenigsegg Group to purchase GM’s shares in the struggling Swedish car maker.Saab had sought to secure financing via a major loan guarantees from a reluctant Swedish government.Meanwhile, there are reports that, over at the other Swedish car maker, a Swedish business consortium anxious to thwart a Chinese bid to buy Volvo, has cranked up its efforts to find the money to make an offer to Ford for its Scando brand.