Tesla bought solar company

Will Tesla buy SolarCity?

Last June, Musk proposed that Tesla acquire SolarCity in a deal valued at $2.8 billion. Today’s event was staged largely to win over Tesla and SolarCity shareholders, who would be voting in three weeks on whether to approve the merger. Subscribe to the Compass Newsletter. Fast Company's trending stories delivered to you daily

Will Tesla & SolarCity become profitable?

"As one company, Tesla (storage) and SolarCity (solar) can create fully integrated residential, commercial and grid-scale products that improve the way that energy is generated, stored and consumed," the company said in a blog post outlining the deal. It will also help SolarCity become profitable.

What happened to Tesla's shares after SolarCity merger?

Tesla’s shares fell by a tenth on June 21, 2016, the day the SolarCity merger was announced, losing $3bn in market value, a figure greater than the acquisition price. Equity research analysts at Goldman Sachs wrote at the time that the energy company was the “worst-positioned” company in the solar start-up segment.

What happened to Tesla & SolarCity?

Its stock, once unstoppable, had dropped roughly 77% since its February 2014 peak. Its debt had mushroomed to $3.4 billion, sales growth had slowed, and it faced a cash crunch. Last June, Musk proposed that Tesla acquire SolarCity in a deal valued at $2.8 billion.

Will Tesla's SolarCity stock swap offer be approved?

Tesla's stock swap offer valued SolarCity at $25.37 a share, or $200 million less than the initial proposal Musk outlined in June, before advisers to the companies had done due diligence. SolarCity shares shed 7.4 per cent on Monday to close at $24.72, a level that suggests most shareholders are betting the deal will be approved.

Will Elon Musk buy SolarCity?

Tesla has confirmed it's buying one of Elon Musk's other companies, SolarCity. The deal, which was first mooted in June, has now been agreed and will see the electric car company complete an all-stock transaction with the equity value being $2.6 billion (£1.97bn).