Youngman Finally Finds a Partner in Spyker
We seriously lost count of how many times Youngman was blocked while trying to purchase Saab before it was finally awarded to a lower, but more “suitable” bidder. Finally, after numerous swings and misses, Youngman has found a suitable partner in its automobile-manufacturing venture. Ironically, it is with the company he was originally blocked from buying Saab from, Spyker.
Spyker and Youngman have just inked a framework deal that assigns 29.9 percent of Spyker’s stock to Youngman. In turn, Youngman will pay €10,000,000. Of the initial investment, €6.7 million will be used to pay for the 29.9 percent ownership, while the remaining €3.3 million will act as a shareholder loan. The entire deal should be completed within 45 days of the signing of the deal, as that is the time frame that Youngman has to pay the deal in full.
In this deal, the two companies will form a joint venture called Spyker P2P B.V. (Spyker P2P) Youngman will contribute an additional €25 million to this venture and take 75 percent share hold in it. Spyker’s 25 percent share hold comes in the form of technological contributions. Spyker P2P will use this technology to develop the Spyker D8 Peking-to-Paris super sports utility vehicle (SSUV). The $250,000 SSUV is set to launch in 2014 and Spyker P2P B.V. will use its technology to help launch additional models.
A second joint venture, dubbed the Spyker Phoenix, will see Youngman contribute the Phoenix platform technology that he bought from Saab and fund 100 percent of the venture. This will net Youngman an 80 percent share hold on the Phoenix and give Spyker 20 percent — we assume this share is for Spyker manufacturing the car.
This is certainly a great big mess of numbers, but essentially, Youngman is giving Spyker a ton of money and Spyker is providing its technology on one vehicle and, we assume, the manufacture of the other vehicle to gain minority share in said vehicles.
We’ll keep a close eye on this one and let you know if it actually ever pans out or simply fizzles away.
Click past the jump to read the full press release.