Young founded AC/DC in November 1973 and soon asked Angus to join when they were 20 and 18 years old respectively.
More from the post: "With enormous dedication and commitment he was the driving force behind the band". Like several other transplants from the U.K. - AC/DC's polar opposites the Bee Gees, for one - the brothers thrived in the country's burgeoning music scene and George quickly found fame with the Easybeats and their global hits "Friday on My Mind".
"Today it is with deep heartfelt sadness that AC/DC has to announce the passing of Malcolm Young", the statement read.
"The bond we had was unique and very special", Angus explained.
The band concludes the message with a simple tribute to Malcolm stating that the guitarist "leaves behind an enormous legacy that will live on forever".
"He was older than me - I always looked up to him", Angus Young said of his brother in an interview a year ago with Rolling Stone Magazine, saying he was "always one to battle through". It was later revealed he had been diagnosed for dementia.
"He was a fantastic songwriter and he had a great work ethic too", Slash told Rolling Stone on Saturday.
In 1991, three teens died at an AC/DC concert and the band went silent for a few years, reappearing in 1995 with their album "Ballbreaker", produced by Rick Rubin. I found Malcolm to be a really cool, down to earth fellow.
The family statement continued: "Malcolm is survived by his loving wife Linda, children Cara and Ross, son-in-law Josh, three grandchildren, a sister and a brother".
Over 200 children adopted in Phoenix on National Adoption Day
There are more than 5-thousand children available for adoption in the US and about 75 of those are right here in Wichita Falls. As social workers we have been given the unique opportunity to stand alongside the innocent victims of this troubled world.
Four dead in United Kingdom mid-air collision
In May, a man was left fighting for his life after crashing a helicopter near Wycombe Air Park. Road users are advised to find alternative routes as emergency services attend the scene.