AC/DC guitarist and co-founder Malcolm Young has passed away, aged 64, following a lengthy battle with dementia.

A statement from his family confirmed his death, saying the Australian icon passed away peacefully on Saturday with family by his bedside.

“With enormous dedication and commitment he was the driving force behind the band,” reads a separate statement on AC/DC’s Facebook.

“As a guitarist, songwriter and visionary he was a perfectionist and a unique man.

“As his brother it is hard to express in words what he has meant to me during my life, the bond we had was unique and very special.

“He leaves behind an enormous legacy that will live on forever.”

Young formed the band with his brother, Angus, in 1973, before stepping down in 2014.