Disney has bought animation studio Pixar for $7.4 billion. The long-anticipated deal with see Apple CEO, who is also head of Pixar, join Disney's board of directors.

Pixar has shared its digital animation expertise several times with Disney in a string of blockbuster films including Toy Story, Monsters Inc, Finding Nemo and The Incredibles.

Jobs is chairman and CEO at the studio and owns approximately 50.6 percent of the outstanding shares of Pixar. Pixar shareholders would receive 2.3 Disney shares for each Pixar share in the all-stock deal, the companies said, and Jobs would become the largest individual shareholder of Disney following the deal's close, according to news reports.

In 2005, Jobs was worth $3.3 billion, making him the 67th richest person in the US, according to the Forbes magazine's Forbes 400 list.

The boards of both companies have approved the acquisition but it still needs shareholder and regulatory approval. The companies said they expect the acquisition to close in the summer.