Visitors Now:
Total Visits:
Total Stories:
Profile image
By SiteProNews (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Tesla Investors Approve $2.86B SolarCity Acquisition

Friday, November 18, 2016 1:10
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Tesla’s stockholders have given the electric car company’s $2.86-billion all-shares bid for energy services firm SolarCity the green light.

The Summit 2013 - Picture by Dan Taylor / Heisenberg Media - www.heisenbergmedia.com

The Summit 2013 – Picture by Dan Taylor / Heisenberg Media – www.heisenbergmedia.com

The deal, described by Tesla CEO Elon Musk as a “no-brainer,” received more than 85 percent approval from investors.

“Tesla’s shareholders have overwhelmingly approved our acquisition of SolarCity,” reads a Tesla press release.“Excluding the votes of Elon and other affiliated shareholders, more than 85 percent of shares voted were cast in favor of the acquisition. With SolarCity’s shareholders also having approved the acquisition, the transaction will be completed in the coming days. We would like to thank our shareholders for continuing to support our vision for the future. We look forward to showing the world what Tesla and SolarCity can achieve together.”

Musk has said Tesla would be able to sell its customers an electric car, a home battery and a solar system all-in-one go once the deal is finalized. In August,  he discussed the possibility of making and selling roofs made out of solar cells, targeting a new customer market.

“If your roof is nearing end-of-life, you definitely don’t want to put solar panels on it, because you’re going to have to replace the roof. So, there is a huge market segment that is currently inaccessible to SolarCity, because people know they’re going to have to replace their roof, you don’t want to put solar panels on top of a roof you’re going to replace,” he said.

“We don’t want to show all of our cards right now, but I think people are going to be really excited about what they see. And the cool thing is that it doesn’t cannibalize the existing business, because you got two classes of customers – like, customers that where their roof is nearing end-of-life and customers where they’ve just put in a new roof.”

Musk, who is the largest shareholder of SolarCity, will pocket as much as $632 million in Tesla shares once the deal goes through. SolarCity, which was founded by Musk’s cousins Lyndon and Peter Rive, would reap roughly $65 million each in shares.


avatar

Jennifer Cowan is the Managing Editor for SiteProNews.

The post Tesla Investors Approve $2.86B SolarCity Acquisition appeared first on SiteProNews.

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.