GM released a short statement today that it is “proceeding to the next step with respect to the sale of Saturn.” The automaker said that a number of potential buyers have surfaced and express interest in the brand and its retail network.
GM said it will review the proposals from potential buyers and will look to secure an agreement later this year. GM is working with S.J. Girsky&Co. for the transaction.
So far, we’ve heard that Telesto Ventures, an investment group that includes private equity firm Black Oak Partners LLC, has shown significant interest in acquiring Saturn’s retail operations. It is looking to provide the brand with mostly overseas models after 2011.
GM will stop building Saturn vehicles at the end of this year,
– By: Omar Rana