Tesla Motors officially owns SolarCity: Two Elon Musk companies become one
Tesla Motors Inc. now owns the nation’s largest solar panel installer: The automaker’s deal to acquire SolarCity Corp. closed Monday morning.
Shareholders of both Elon Musk companies approved the deal last week by wide margins.
The all-stock deal valued SolarCity at $2 billion based on Tesla’s closing stock price Friday. It was worth $2.6 billion when Tesla and SolarCity announced the agreement in August, but their share prices have dropped since then.
Tesla Chief Executive Musk — who is also chairman of SolarCity — wants to sell solar panels through Tesla’s stores. Customers can buy them to power their homes and charge their Tesla electric vehicles.
Musk says the companies’ first joint product — solar roof tiles that look like traditional tiles — should be ready for installation by summer.
Shares of Tesla, based in Palo Alto, Calif., were up 1.1% at $186.99 shortly after 10 a.m. Pacific Time.
Read more: Tesla’s bid to buy SolarCity is approved by shareholders, but challenges remain »
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