Tesla makes offer for SolarCity

Car manufacturer Tesla Motors wants to acquire SolarCity. Tesla CEO Elon Musk is already the largest shareholder in the solar energy company, but will abstain from voting on the acquisition. Tesla is offering about 2.5 billion euros for SolarCity.

In addition to cars, Tesla already makes the Powerwall system that allows consumers to store sustainable energy at home. By acquiring SolarCity, the company would also be able to offer the necessary solar panels itself.

Tesla has made an offer of $26.50 to $28.50 per share. This brings the total to an amount between 2.6 and 2.8 billion dollars. Converted that is about 2.5 billion euros. Shareholders still have to agree to the takeover. Elon Musk himself is the largest shareholder of both companies, but will abstain from voting.

SolarCity was founded in 2006 by Elon Musk’s cousins ​​Peter and Lyndon Rive. Musk himself is chairman of the company. At the end of 2015, as CEO of SolarCity, he presented a solar panel that should be cheap and efficient. However, construction of the $900 million factory where the panels will be made has been postponed. Making the equipment for the production would be more difficult than expected.