Who knew that Jay Z was talking about Spyker founder and CEO Victor Muller when he sang, “I’m a hustla, baby, I just want you to know, it ain’t where I been but where I’m ’bout to go…” The visionary Dutchman has concluded a deal with with Youngman – a partner since the whirlwind days of Saab – to inject money into Spyker, build cars off the Phoenix platform intended for Saab, and resurrect the D8 Peking to Paris SUV and potentially other SUVs. The deal was conditionally announced a few months ago.
The multipart deal begins with Youngman investing ten million euros into Spyker. Seven million of that will be used to purchase no more than 29.9 percent of Spyker shares, the other three million will be an open-ended loan with options for repayment mechanisms. Youngman has already handed over 2.3 million euros of the amount, the rest is expected by the end of January 2013.
Next up is a joint venture called Spyker P2P, of which Spyker will control 25 percent and Youngman the rest. The Chinese company is throwing another 25 million euros into the JV, Spyker is providing not cash but “the technology it developed for the Spyker D8 Peking-to-Paris,” the $250,000 SSUV. Spyker P2P wants to launch the perpetually stillborn D8 by the end of 2014 and will then consider other models on its platform, and the continued development of the C8 Aileron is also a factor in future plans.
After that comes the Spyker Phoenix joint venture, in which Spyker has a 20-percent stake and Youngman the rest. Youngman owns the license to the Phoenix platform that was meant to support new Saabs and this JV will build “a full range of premium car models” on it, at higher price points than the planned Saabs, and possibly built in Europe and China.
The final joint venture is Spyker Trademark Company, Youngman again a majority owner with a 75 percent share and Spyker the remainder. This JV gives all of the other JVs the rights to use the Spyker trademark.
Assuming the due diligence passes muster and the legal authorities consent, Youngman will possess the authority to nominate a third of both Spyker’s management and supervisory boards, and Spyker and Youngman will be putting all their technology and resources into each others’ hands. There’s a press release below with all the finance-heavy details.
Saab’s Phoenix platform to get second life with Spyker/Youngman deal? originally appeared on Autoblog on Mon, 10 Dec 2012 09:29:00 EST. Please see our terms for use of feeds.