Updated from 12:55 a.m. EST

BEIJING ( TheStreet) -- 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.

Beijing Auto didn't disclose financial details of the transaction in a statement Monday.

The 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.

Meanwhile, Bloomberg 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.

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