Tesla and SolarCity agree on $2.6 billion acquisition

Tesla and SolarCity have reached an agreement to buy the solar energy company for 2.6 billion dollars, approximately 2.3 billion euros. CEO Elon Musk wants the companies to produce fully integrated products in this way.

Although the boards of the companies agree, SolarCity still has 45 days in which to accept an offer from another party. The shareholders still have to agree to the takeover, as do the necessary regulators. Therefore, the deal is expected to be completed by the end of this year. Elon Musk is CEO of both SolarCity and Tesla and owns the majority of the shares. He previously announced that he would abstain from the vote.

Tesla wrote in a press release that the two companies work best together. While Tesla focused on storage and SolarCity on solar energy, the merged company will provide integrated products for “generation, storage and consumption of energy”. This move is also part of Musk’s “master plan,” which he recently presented.

In it, Musk mentioned that there are plans to create ‘great-looking’ solar panels for roofs, in which a battery is integrated. In the current message, Tesla mentions that another advantage of the merger is that more efficiency can be achieved and that customers have a single point of contact for the installation of a solar panel.