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General Motors

says it has reached a deal to sell Saab to a Swedish manufacturer, assuming that sufficient government financing becomes available.

The deal with

Koenigsegg Group AB

, a consortium of private investors including Koenigsegg Automotive, is expected to close by year-end, subject to anticipated funding commitments from the European Investment Bank, to be guaranteed by the Swedish government.

Terms were not disclosed. According to the Swedish business daily

Dagens Industri

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, Koenigsegg Chairman Augie K. Fabela II believes that about 3 billion kronor ($412 million) is still needed, in addition to a loan from the European bank.

Also, the Swedish Ministry of Enterprise said various conditions remain to be met, according to the

Associated Press

. "Koenigsegg Group should add more private capital, negotiate about loans with the European Investment Bank, as well as agree with the Swedish National Debt Office about the conditions for potential state credit guarantees," said ministry spokesman Joran Hagglund, the



"This contract is an important step in the journey to a potential deal," said Carl-Peter Forster, president of GM Europe, in a prepared statement. He said the deal brings together Saab's "unique design, safety- and engine-technology, as well as its excellent brand image" with Koenigsegg Group's "unique combination of innovation and entrepreneurial spirit."