It's official. Audi owns Ducati.

If you recall, about a week ago we posted an article about Ducati possibly going to the Germans. Well, all speculations can be put to rest now that Audi has officially bought Ducati. The 20 member supervisory board of Europe's largest car maker approved the purchase on Wednesday, Audi said in a statement. It did not disclose details of the deal, though sources said that Audi agreed to buy Ducati for about 860 million euros ($1.13 billion).

Ducati, which has won 13 rider's Superbike World Championships since 1988, will extend Audi's long-standing rivalry with Bayerische Motoren Werke (BMW) to superbikes. Audi also outsold Daimler's Mercedes-Benz last year and has vowed to surpass BMW for the top spot in luxury car sales this decade.

The company said it aimed to complete the purchase of Ducati as quickly as possible once it has received approval by the relevant regulators. The addition of Ducati Motor Holding SpA, the Italian luxury motorbike manufacturer, brings to 11 the number of brands in Volkswagen’s global portfolio (not counting its 49 percent stake in Porsche, which it plans to fully acquire by the end of the year). The German carmaker produces VW, Audi, Seat, Skoda, Bentley, Bugatti and Lamborghini automobiles as well as commercial trucks under the VW, Scania and Man nameplates.

Gotta love competition!