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Tuesday, August 02, 2016

Tesla reaches deal to Acquire SolarCity

Tesla Motors said Monday that it had reached a deal to acquire SolarCity, putting the companies one step closer to a marriage that has drawn scrutiny from Wall Street but which Tesla CEO and SolarCity Chairman Elon Musk has vigorously defended.

Tesla (TSLA) said the stock acquisition is worth $2.6 billion, including the assumption of debt, valuing SolarCity shares at $25.37, or 5% lower than Friday's close.

SolarCity (SCTY) will get 45 days to seek an alternative suitor in a provision known as a "go-shop" period.

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2 comments:

Anonymous said...

One crony capitalism dependent company acquires another.

Anonymous said...

he already owns both companies, he just wants to 'marry' them.