Updated from 12:55 a.m. EST



) --

Beijing Automotive Industry Holding

confirmed it has reached a deal to acquire certain assets of

General Motors'

Saab unit.

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.

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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

Spyker Cars

, a Dutch maker of luxury sports cars, emerging as a frontrunner. The deal with Beijing Auto is separate.