Tesla seeks to bring SolarCity into its orbit

2016-06-22 12:18
Tesla Motors Inc CEO Elon Musk. (Francois Mori, AP)

Tesla Motors Inc CEO Elon Musk. (Francois Mori, AP)

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San Francisco — Electric car maker Tesla Motors is offering to buy solar panel maker SolarCity for up to $2.8bn in an attempt to create a one-stop shop for cleaner energy as consumers become more concerned about fossil fuels hurting the environment.

The all-stock deal announced on Tuesday values SolarCity Corp. at $26.50 to $28.50 per share, depending on a review of the company's books.

SolarCity's stock surged $3.60, or 17%, to $24.79 while Tesla's shares sank $25.61, or 12%, to $194.

The deal still requires shareholder approval. That process could be complicated by Tesla CEO Elon Musk's position as SolarCity's chairperson and largest individual shareholder. SolarCity's CEO, Lyndon Rive, is also Musk's cousin.

Tesla is pursuing SolarCity 14 months after introducing a home battery system that stores solar energy.

Read more on:    tesla  |  elon musk  |  us  |  energy

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