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First VW snatched up the Lamborghini brand, and then the company went out and hired Walter de'Silva as design head. With today's announcement about the purchase of Italdesign Giugiaro, it seems pretty obvious that someone at Volkswagen really loves the Italians.

The Giugiaro purchase really isn't that simple and straightforward, however. The two companies actually have a long and pretty legendary history. There have been a number of collaborations, including a handful of both concept and production vehicles, with the most memorable probably being the Giugiaro-penned first-generation Golf, a car that has gone on to become an icon in the industry. The Passat, Scirocco, and the Audi 80 can also be credited to the Italians.

Both VW Chairman Martin Winterkorn and IDG founder Giorgetto Giugiaro were present at today's press conference, where it was revealed that IDG will go forward 90.1 percent owned by Volkswagen with the remaining shares staying in the Giugiaro family. The deal includes brand naming rights and patents, and VW stated that it will be Lamborghini Holding S.p.A. taking possession of the shares, with that company itself being a subsidiary of Audi. The deal is subject to approval by authorities in both Germany and Italy.

So what does this deal mean? IDG has been working closely with Volkswagen on the new Up! family of vehicles, so codevelopment there should intensify going forward. Winterkorn further explains that "A new era in the strategic partnership between our companies begins today. Italdesign becomes a permanent member of the global Volkswagen family. The Volkswagen Group will be continuing its model initiative over the coming years and will benefit from the capacity and competence of Italdesign. The company will therefore be making an important contribution to our 2018 global growth strategy," Winterkorn continued. No price was revealed, but we're sure it will slip out eventually.

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