The future of Dutch carmaker Spyker is secure, with confirmation this week of a new partnership with Chinese company Youngman.
The two parties have now signed definitive transaction documents, firming up the framework agreement reported in August.
Spyker’s future had been in doubt following its failed tenure as post-GM Saab owner, while Youngman had twice failed to purchase Saab - now under the control of the NEVS consortium.
Founder and CEO of Spyker, Victor Muller, subsequently courted Youngman as an investor to realise his future Spyker product plans. Youngman is also able to contribute its financial might and its licensing of the Saab-developed Phoenix platform.
As reported earlier, Youngman will purchase a 29.9 percent equity stake in Spyker for €7 million (AU$8.65 million), with a further €3 million (AU$3.7 million) open-ended loan to Spyker.
The agreement will see the establishment of three joint ventures between the two parties; the first of which will be known as Spyker P2P.
Spyker P2P will be formed through a €25 million (AU$30.9 million) investment from Youngman, and Spyker contributing the technology behind its 2006 D12 Peking-to-Paris concept and subsequent stalled D8 Peking-to-Paris development project.
This joint venture will be 75 percent controlled by Youngman, focusing on the production of the D8 Peking-to-Paris luxury SUV by the end of 2014. The platform will also be used for other models.
The second joint venture will be known as Spyker Phoenix, and will be charged with the development of a range of premium models based on the Phoenix architecture.
This venture will be 80 percent controlled by Youngman, with the possibility of the models being produced in both Europe and China.
The third joint venture will see Youngman take 75 percent control over the Spyker name and branding, thus enabling the use of the Spyker brand across the other joint ventures in the partnership.
All existing Spyker and Youngman technologies will be shared among the projects, and Youngman will gain the authority to nominate one third of Spyker’s management and supervisory boards.
Both Youngman and Spyker have pointed out the mutual benefits of the new partnership.
“This strong partnership with Youngman allows Spyker to enter a new chapter in its history, being virtually debt free, refinanced and with an exciting product range in the making”, Victor Muller said.
" We are confident that after having worked together so closely in our efforts to save Saab Automobile AB last year, our partnership in Spyker will bear the fruits we were unfortunately unable to harvest earlier", Youngman CEO Pang Qingnian said.