US-based Walt Disney Company is acquiring the media and entertainment firm UTV Software Communications by purchasing stakes from Rohinton Screwvala, Unilazer and Unilazer HK.

The agreement between Rohinton Screwvala, Unilazer Exports and Management Consultants Ltd, Unilazer Hong Kong Ltd and The Walt Disney Company (South East Asia) Pte Ltd has been terminated starting from 2 February, according to a filing by UTV Software Communications with the Bombay Stock Exchange (BSE).

UTV has said that it has determined an exit price of Rs 1,100 per share to complete the acquisition by the US based giant. "The acquirer has accepted the discovered price of Rs 1,100 per share and shall acquire all shares tendered through valid bids at or below the exit price," read the filing.

UTV has announced last year that it has been approached by Walt Disney, which expressed interest in acquiring stakes held by public shareholders and other promoters of the company in a deal valued around Rs. 2,000 crore. The deal received clearance from the Cabinet Committee on Economic Affairs (CCEA) in December 2011.

The promoter and promoter group shareholding in UTV was at 70.04 per cent at the end of 2011. Rohinton Screwvala is no longer the Manging Director of the company, but he will remain a director of the company, the company said.