SolarCity gets $2.6 billion merger offer from Tesla


Earlier on Monday, Tesla announced an offer to buy SolarCity for roughly $2.6 billion. Tesla's initial offer in June specified a range between 0.122 and 0.131 corporate shares for a single SolarCity stock.

"[We plan to] create a smoothly integrated and handsome solar-roof-with-battery product that just works, empowering the individual as their own utility, and then scale that throughout the world". Market observers considered it a huge step for Elon Musk to realize his master plan over the next ten years.

The deal includes a 45-day period for SolarCity, allowing it to solicit alternative proposals during the time frame. The procurement will act as a major catalyst in pushing forward sustainable development and for creating "fully integrated residential, commercial and grid-scale products" to widespread solar power distribution and accumulation. But Tesla said SolarCity was "getting ready to offer next-generation differentiated solar solutions".

The auto maker said it expects to save US150mln in the first year as well as efficiency improvements from the tie-up, while beefing up the pair's combined balance sheet.

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The Tesla-SolarCity agreement involves an all-stock transaction that values SolarCity at $25.37 a share, which works out to $200 million less than the price that was set last month. Now, Elon Musk's electronic auto company is going ahead with the acquisition, in an all-stock transaction worth $2.6 billion, the company wrote in a blog post Monday, bringing everyday consumers closer to more efficient solar power.

Some analysts also questioned whether the deal would divert Tesla's attention from an ambitious plan to significantly expand electric-car production in the next few years. Shares of Tesla rose 0.2% to $235.31 in premarket trade, while those of SolarCity plunged 6.2% to $25.05. Before the deal can close, it must be approved by a majority of shareholders from both Tesla and SolarCity. With solar-panel installer SolarCity on board, Tesla could integrate solar cells onto the roofs of its vehicles and pair solar panels with its emerging energy storage products.

Mr Musk, who holds 21.1 per cent of Tesla and 22.5 per cent of SolarCity, will not be able to vote as a shareholder on the deal.