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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One crony capitalism dependent company acquires another.
ReplyDeletehe already owns both companies, he just wants to 'marry' them.
ReplyDelete