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German luxury carmaker, Audi, has agreed to buy Italian bikemaker, Ducati, for a sum of 1.12 billion USD. Audi will also inherit all of Ducati’s current financial liabilities.

Volkswagen owned Audi were earlier negotiating with Ducati owner Investindustrial to buy out the Italian exotic bike maker, but it has now culminated to a deal. The marriage of the two automotive giants fits well with Audi’s ambitious ‘Project Eagle,’ aimed at elevating VW to becoming the world’s largest auto manufacturer.

Earlier, Andrea Bonomi, Investindustrial head had stated that Ducati was looking for a world class industrial partner for its future growth & wanted to sell the iconic brand for one billion Euros.

The purchase will make Ducati the 11th brand in VW’s portfolio. Ducati sold 42,000 motorcycles through 2011 & commands a nine percent share in its segment. The company has been making all the right moves over the past few years, launching segment leading motorcycles like its versatile Multistrada 1200, the Diavel power cruiser & 1199 Panigale race replica.