Updated from 12:55 a.m. EST
Beijing Automotive Industry Holding
confirmed it has reached a deal to acquire certain assets of
The deal includes intellectual property for Saab's 9-3 compact sedan series and the current 9-5 midsize car, along with their engines, transmissions and other equipment to make the cars.
Beijing Auto didn't disclose financial details of the transaction in a statement Monday.
Wall Street Journal
reports Beijing Auto plans to finance the acquisition in part through loans from Chinese state banks and it already has a 20 billion yuan ($2.93 billion) line of credit from Bank of China.
reports General Motors has adjusted its plan for Saab to focus on selling the entire unit, with
, a Dutch maker of luxury sports cars, emerging as a frontrunner. The deal with Beijing Auto is separate.