Saab has been bought by Spyker in a $400 million deal, subject to final detailed negotiations being completed in mid-February. The new company will be called Saab Spyker Automobiles.
Spyker will give parent company GM $74m (£47m) for Saab, with $50m paid on completion of the deal and the remaining $24m on 15 June. Spyker also confirmed it has extended a $150m credit line, plus taken additional loans to fund the deal.
As part of the transaction, Spyker must also negotiate the acquisition of all the outstanding shares in Saab Great Britain Ltd, the UK distribution, marketing and sales company for Saab, from General Motors UK.
GM will retain $326m worth of shares in Saab, which will give it minimal voting power in the company's future, but allow it to share in potential future profits.
The deal is also subject to the European Investment Bank confirming a 400m euro (£349m) loan, which the Swedish government has agreed to guarantee.
Following the news, Spyker boss Victor Muller said: "We are very much looking forward to being part of the next chapter in Saab's history. The next task is for Saab to become profitable in its own right, and that's not an easy task. But it is one that I think can be achieved."
The new Saab 9-5 and Saab 9-3 ranges will be built at Saab's Trollhattan base, while agreement has been reached for the Saab 9-4X to be built at GM's Mexico factory. Spyker has confirmed that all IP copyright and other facilities are part of its purchase.
Prior to Saab's sale, its Trollhättan base was extensively reorganised, bringing production of new models in house and cutting costs to ensure the company could be profitable with sales of less than 100,000 units per year.
In addition, Saab managing director Jan Ake Jonsson, who joined Saab in 1973 and became MD in 2005, will return to his post with immediate effect.
As part of the deal, Spyker's chairman, Russian banker Vladimir Antonov, has sold his shares to an equity firm owned by Spyker CEO Victor Muller. GM had demanded this, fearing its IP property could be fed into the Russian car industry.
"Today's announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM," said John Smith, GM vice president for corporate planning and alliances.
"General Motors, Spyker Cars and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we're all happy for the positive outcome."
Saab has 3400 employees worldwide. GM put the company up for sale in January 2009, as the US firm restructured in the face of the financial crisis.
Swedish supercar maker Koenigsegg pulled out of a deal to buy Saab in November, leading to GM announcing that it would start to wind Saab down. However, Spyker - along with other bidders - made last-gasp offers to save the company.