Under the agreement, all Marshall brands and subsidiaries will be acquired by Zound Industries and will become part of the newly-formed Marshall Group.

The Marshall family will own 24% of the group, making them the largest shareholders.

A statement on Thursday said the two companies would come together to create "the most exciting audio tech powerhouse".

Jeremy de Maillard, chief executive of Zound Industries, and of the new Marshall Group, said: "Combining our strengths and unique positioning as the Marshall Group will fuel our ambition to create premium, innovative, products and experiences for musicians and music lovers around the world.

"Zound has proven itself as a global, fast-growing, and progressive company. With the Marshall Group, we are set to accelerate our profitable growth in a $100bn market."

Marshall Amplification was founded by Jim Marshall and his son Terry in 1962 and, since then, the Milton-Keynes-based business has been boosting the sound of some of the world's most famous musicians.

Among the stars to have used the company's amplifiers are Jimi Hendrix, Eric Clapton, The Who, Oasis, Justin Timberlake, Kendrick Lamar, and Lana Del Rey.

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Through a deal made with Zound Industries in 2010, Marshall expanded its product list to include headphones and speakers.

Jim Marshall died in 2012 but Terry and Victoria Marshall, Jim's grand-daughter Joanne Marshall-Price, Paul Marshall and the Marshall Charitable Trust will play key roles in the new entity, according to a statement announcing the deal.

Terry Marshall said: "Since my father and I created the original Marshall amp back in 1962, we have always looked for ways to deliver the pioneering Marshall sound to music lovers of all backgrounds and music tastes across the world - and I'm confident that the Marshall Group will elevate this mission and spur the love for the Marshall brand."

Victoria Marshall added: "Having worked alongside my father during his later years, I know he would be excited at this direction and the potential to reach a larger worldwide audience with innovation and passion which he always had in spades."