Pixar is now officially part of Disney

Pixar is now officially part of Disney

Walt Disney Co has finally completed all the formalities to finish the acquisition of Pixar Animation Studios Inc.

The final step was to get the Pixar shareholders to approve the transaction and they managed to do it successfully.

This acquisition deal would give every Pixar shareholders to receive 2.3 shares of Disney stock in exchange for each Pixar share. The deal was originally estimated to be worth $7.4 billion.

The closing of the deal also means that Apple’s Steve Jobs is now joining the Disney board of directors as its 14th member.

This deal now makes Pixar a wholly owned subsidiary of Disney. Steve Jobs is also now the Disney’s single largest shareholder with about a 7 percent stake.

Disney Chief Executive Robert Iger said in a statement on this occasion: “As we begin the next chapter, all of us at Disney are pleased to welcome the incredibly talented Pixar team to our company to continue to create quality entertainment for audiences to enjoy around the world.”