Tesla-SolarCity merger ‘overwhelmingly approved’

Elon Musk
Elon Musk

The deal paves the way for Tesla to offer an integrated solar roof plus energy storage product

By Eric Wesoff | GreenTech Media

In August, board members approved Tesla’s bid to acquire SolarCity in an all-stock transition worth $2.6 billion. Today, Tesla’s shareholders “overwhelmingly approved” the purchase, which paves the way for the two companies to offer an integrated solar roof plus energy storage product.

According to a just-released blog post “Excluding the votes of [Elon Musk] and other affiliated shareholders, more than 85 percent of shares voted were cast in favor of the acquisition. With SolarCity’s shareholders also having approved the acquisition, the transaction will be completed in the coming days.”

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