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It’s official, Tesla and SolarCity will merge

Thursday, November 17, 2016 17:42
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(Before It's News)

Tesla Motors Inc. announced on Thursday through a Live Webcast that shareholders have approved a deal to buy SolarCity Corp. in an all stock transaction worth approximately $2.6 billion.

The merger will create the world’s only vertically integrated sustainable energy company. By combining the strengths of both companies, Tesla known for producing battery storage products and SolarCity on infrastructure to support mass scale out of solar solutions, the combined entity will be able to create fully integrated residential, commercial and grid-scale products aimed at improving the way energy is generated, stored and consumed.

Tesla CEO Elon Musk has indicated on many accounts, most recently during a conference call with analysts to discuss the merger, that combining forces with SolarCity will allow them to operate under the Tesla umbrella, operate more efficiently and fully integrate products between both companies, while providing customers with a one-stop solar + storage experience: one installation, one service contract, one phone app. “It’s really all part of solving the sustainable energy problem, that’s why we are all doing this, to accelerate the advent of a sustainable energy world.”, said Musk.

More than 85% of shares voted were cast in favor of the acquisition excluding the votes of CEO Elon Musk and other affiliated shareholders. The transaction will be completed in the coming days, said Tesla in an issued statement. “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.”

Shares of SolarCity (NASDAQ: SCTY) rose 2.94% in late trading, after ending the day up 2.9%, while shares of Tesla (NASDAQ: TSLA) rose 1.13% after ending the trading day up 2.57%.

Tesla posted the following update to the company’s blog.

Tesla’s Acquisition of SolarCity Receives Shareholder Approval

Tesla’s shareholders have overwhelmingly approved our acquisition of SolarCity. Excluding the votes of Elon and other affiliated shareholders, more than 85% 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.

Considering solar? We’ve partnered with a service for estimating solar costs based on one’s location and energy requirement. Please consider supporting our solar-focused affiliate partner and fan to Teslarati.

The post It’s official, Tesla and SolarCity will merge appeared first on TESLARATI.com.

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