Tesla has announced the full acquisition of SolarCity which closed on Monday morning. With this, the electric vehicle company is now merged with the solar energy company. SolarCity was founded by Musk’s cousins Lyndon and Peter Rive
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The merger was proposed earlier in the year and the final deal was approved by Tesla and SolarCity shareholders last week. More than 85 percent of Tesla shares voted in favour of the merger. According to AP, the all-stock deal valued SolarCity at $2 billion based on Tesla’s closing stock price while it was worth $2.6 billion when Tesla and SolarCity announced the agreement in August.
“We’re trying to make an integrated product. So you have an integrated solar roof with a Powerwall and an electric car, and you just go into a Tesla store, just say yes, it just happens. It all works, it’s seamless and you love it,” said Musk during a meeting with Tesla shareholders in Fremont, California.
Musk has been quite keen on providing clean energy and had recently showcased solar roof tiles. The merger is nothing but obvious. With the merger, Tesla has taken an important step towards Musk’s ‘Master Plan’ which is to provide customers with solutions for owning their own energy production, storage and consumption. Earlier, Tesla has mentioned that the merger with SolarCity Corp would add over $500 million in cash while contributing over $1 billion to revenue in 2017.
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