Tesla reaches deal to acquire SolarCity

By Nathan Bomey | USA TODAY

Tesla Motors said Monday that it had reached a deal to acquire SolarCity, putting the companies one step closer to an marriage that has drawn scrutiny from Wall Street but which Tesla and SolarCity board member Elon Musk has vigorously defended.

Tesla (TSLA) said the stock deal is worth $2.6 billion, including the assumption of debt, valuing SolarCity shares at $25.37, or 5% lower than Friday’s close.

SolarCity (SCTY) will get 45 days to seek an alternative suitor in a provision known as a “go-shop” period.

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August 1, 2016

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