NewEnergyNews More: Tesla and SolarCity Make A $2.6Bil Deal

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  • Tuesday, August 2, 2016

    Tesla and SolarCity Make A $2.6Bil Deal

    Tesla and SolarCity Agree to $2.6 Billion Deal; Electric car maker had made an offer in June to buy solar-energy company also chaired by Elon Musk

    Mike Ramsey and Cassandra Sweet (with Anne Steel), August 1, 2016 (Wall Street Journal)

    “…[If shareholders approve, Tesla Motors will pay $2.6 billion in stocks for SolarCity…[This values SolarCity shares] at $25.83 apiece…[T]he deal would double Tesla’s workforce to nearly 30,000 employees and create a unique combination of solar, power storage and transportation, which Tesla says would be the world’s only integrated sustainable energy company…The new company also would tie together two money-losing entities, dependent on borrowing from the market, adding potential risk along with opportunity…[Elon] Musk, who owns more than 20% of both companies and is the largest shareholder in both, plans to vote his shares in proportion to the voting by the companies’ publicly held shares…[He has said] he expects two-thirds of shareholders to approve the deal, which the companies expect will close in the fourth quarter…[Some say Musk is bailing out SolarCity and others say] the deal would accelerate the development of clean energy...[by reducing SolarCity’s customer acquisition costs]…” click here for more

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