Tesla Seals $2 Billion SolarCity Deal
Tesla Motors Inc. and SolarCity Corp. shareholders approved the electric-car maker?s purchase of the solar installer in a deal that?s poised to test Elon Musk?s vision for a viable one-stop shop for clean energy consumers.
More than 85 percent of Tesla shares voted in favor of the deal, according to a company statement Thursday, which said SolarCity shareholders also approved the acquisition. The deal, valued at about $2 billion, integrates the maker of Model S and upcoming Model 3 sedans with the installer of rooftop solar panels.
Shareholders are signing off on Musk?s plan to combine and more efficiently run two companies that have a track record for fleeting profits and frequent fundraising needs. Tesla has lost about $4.8 billion in market capitalization since its initial offer to buy SolarCity on June 21, while the latter company?s value declined by about $86 million.
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