General Motor's Swedish Saab brand has been saved from certain death thanks to a last-minute deal with Dutch exotic car builder Spyker.

Spyker has agreed to pay $74 million in cash and $326 million in preferred stock in a new Saab that will emerge from this deal. The Swedish government has agreed to guarantee a $563 million (400 million Euro) European Investment Bank loan for Saab.

Spyker, founded in 2000, makes exotic sports cars costing more than $200,000. Only 250 have ever been sold. This year, the carmaker hopes to sell 100 of its Spyker cars worldwide. Spyker production was moved from the Netherlands to Great Britain late last year.

"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, in a corporate announcement.

The deal is expected to close in mid-February, GM said. As part of the deal, Spyker Cars will change its name to Saab Spyker Cars "We are very much looking forward to being part of the next chapter in Saab's illustrious history," said Spyker CEO Victor Muller in statement. "Saab is an iconic brand that we are honored to shepherd."