The final consideration will be subject to customary post-closing balance sheet adjustments.
"Lucasfilm reflects the extraordinary passion, vision, and storytelling of its founder, George Lucas," said Robert A Iger, chairman and CEO of The Walt Disney Company. "This transaction combines a world-class portfolio of content, including Star Wars, one of the greatest family entertainment franchises of all time."
"For the past 35 years, one of my greatest pleasures has been to see Star Wars passed from one generation to the next," said Lucas. "It's now time for me to pass Star Wars on to a new generation of filmmakers. I've always believed that Star Wars could live beyond me and I thought it was important to set up the transition during my lifetime. I'm confident that with Lucasfilm under the leadership of Kathleen Kennedy, and having a new home within the Disney organisation, Star Wars will certainly live on and flourish for many generations to come. Disney's reach and experience give Lucasfilm the opportunity to blaze new trails in film, television, interactive media, theme parks, live entertainment, and consumer products."
Under the deal, Disney will acquire ownership of Lucasfilm, including its Star Wars franchise and its operating businesses in live action film production, consumer products, animation, visual effects, and audio post production. Disney will also acquire the substantial portfolio of cutting-edge entertainment technologies that have kept audiences enthralled for many years.
Kathleen Kennedy, current co-chairman of Lucasfilm, will become president of Lucasfilm, reporting to Walt Disney Studios chairman Alan Horn. Additionally, she will serve as the brand manager for Star Wars, working directly with Disney's global lines of business to build, further integrate, and maximise the value of this global franchise. Kennedy will serve as executive producer on new Star Wars feature films, with George Lucas serving as creative consultant. Star Wars Episode 7 is targeted for release in 2015, with more feature films expected to continue the Star Wars saga and grow the franchise well into the future.
The Lucasfilm acquisition follows Disney's acquisitions of Pixar and Marvel.
The Boards of Directors of Disney and Lucasfilm have approved the transaction, which is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act, certain non-United States merger control regulations, and other customary closing conditions. The agreement has been approved by the sole shareholder of Lucasfilm.
