tesla agrees to pay $2.6 billion for solarcity - house battery
Tesla Motors (TSLA -Get Report)
Acquisition of SolarCity on Monday (SCTY)for $2.
As electric vehicle companies diversify to green energy, stocks are 6 billion.
SolarCity said in a blog post that Tesla is from Palo Alto, California.
Agree to quote 0.
The company says 110 of each SolarCity stock is priced at $25.
According to the weighted average of Tesla, Sun City is 37 per share
Closing price of the day.
At Friday's close, the offer was $25.
SolarCity's share is 839, which is 3.
2% less than SolarCity's latest $26.
The price of the stock before the suspension of 70.
Tesla founder and CEO Elon Musk first proposedup in June.
Shares of SolarCity fell 5.
Pre-session trading of 8%.
The agreement reflects Musk's vision to expand electric vehicles to green energy, other transportation and ridesharing.
He wants to integrate SolarCity's panels with Tesla's in-house
The house battery pack captures the electricity they produce.
Musk is also the chairman of SolarCity and the largest shareholder of the two companies.
The short blog and Tesla's website introduction do not have any information about Tesla's financing plan.
Earlier this year, Tesla raised more than $1.
4 billion in the secondary release, for more that has been included-
The number of affordable Model 3 vehicles delivered next year increased from about 50,000 last year to 500,000 in 2018 and 1 million in 2020.
Tesla's speech talked about "confidence" in the initial capitalization of the expanded entity and "The goal of reducing debt"Leverage for the future.
Tesla also said it would apply "Tesla discipline" in the expanded company's "capital expenditure Roadmap ".
"There will be 93 merged companies. 5%-
By Tesla shareholders and 6.
SolarCity accounts for 5% of investors, according to the report.
The companies expect the union to save $0. 15 billion in costs throughout the first year.
"While today's news is a big step, it's not the finish line ---
We expect the deal to end in 2016.
Prior to this, the transaction must be approved by most of the uninterested shareholders that Tesla and SolarCity voted at each general meeting.
We also need to get regulatory approval and meet other closing conditions . "
SolarCity has the right to ask for more favorable advice on corruption-
The days of "going to the store" have raised the prospect of San Mateo, California
Renewable energy producers can leave with another partner.
Tesla shares rose slightly in pre-market trading on Monday.