Volkswagen Group finalized the purchase of the Porsche auto business, ending a seven-year saga that saw VW turn the tables on the maker of the 911 sports car.

VW paid Porsche Automobil Holding SE 4.49 billion euros ($5.52 billion) for a 50.1 percent stake in Porsche AG, assuming full ownership of the brand.

"The path is now finally clear for a bright future together," Martin Winterkorn, CEO of Volkswagen and Porsche SE, said in the statement. "Even closer cooperation will enable us to significantly strengthen Volkswagen and Porsche, and further expand the group's product portfolio with fascinating new vehicles."

The transaction adds a 12th nameplate to Volkswagen's portfolio, which stretches from exotic Ducati motorcycles to the VW Up minicar to 40-ton trucks.

Winterkorn is looking to Porsche's profitable car business to shore up his efforts to overtake General Motors and Toyota to become the world's biggest automaker by 2018.

Porsche SE remains a holding company for a 50.7 percent stake in VW's common stock.