The deal means Disney will take over ownership of 5,000 Marvel characters, such as Spider-Man and the X-Men.
Marvel shareholders will get $30 per share in cash plus 0.745 Disney shares for every Marvel share owned.
The boards of Disney and Marvel have both approved the deal, which now needs the backing of Marvel shareholders and competition authorities.
Marvel shares were ahead $9.76, or 25%, to $48.41 in midday trading while Disney shares fell 94 cents, or 3.5%, to $25.90.
"We believe that adding Marvel to Disney's unique portfolio of brands provides significant opportunities for long-term growth and value creation," Disney president and chief executive Robert Iger said.
"We are pleased to bring this talent and these great assets to Disney."
Other Marvel's characters include Captain America, the Fantastic Four and Thor.
"Disney is the perfect home for Marvel's fantastic library of characters given its proven ability to expand content creation and licensing businesses," said Marvel chief executive Ike Perlmutter.
"This is an unparalleled opportunity for Marvel to build upon its vibrant brand and character properties by accessing Disney's tremendous global organization and infrastructure around the world," he added.
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