China’s Beijing Auto acquires intellectual property assets to start making Saab's 9-5 and 9-3 models.

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China's state-run Beijing Automotive Industry Holding, BAIC, has bought assets of General Motors' Saab unit, the Swedish and Chinese companies confirmed Monday. Financial details of the deal were not released.

"The deal is an important milestone in BAIC's cooperation with Saab", the Chinese company said in a statement. "It has also laid a fairly good foundation for the two sides to further explore win-win cooperation".

The assets include intellectual property for certain Saab 9-3, current 9-5 and powertrain technology and tooling.

Saab will also help BAIC develop its own-brand cars using the Swedish carmaker's technology.

“This arrangement is excellent for both parties, now and for the future. We have developed a good relationship with BAIC and look forward to working with them to integrate this Saab technology into their future vehicles”, Jan Åke Jonsson, Managing Director of Saab Automobile, said.

The deal comes after BAIC, China's fifth largest automaker, and Swedish high-performance carmaker Koenigsegg gave up their joint bid for Saab last month, citing costly delays in the transaction.