published on November 21, 2016 - 5:26 PM
Written by The Business Journal Staff

(AP) — Tesla Motors now owns the nation’s largest solar panel installer.


Tesla’s deal to acquire SolarCity Corp. closed Monday morning.

Shareholders of both companies approved the deal last week by wide margins.

The all-stock deal valued SolarCity at $2 billion based on Tesla’s closing stock price Friday. It was worth $2.6 billion when Tesla and SolarCity announced the agreement in August, but their share prices have dropped since then.

Tesla CEO Elon Musk — who is also chairman of SolarCity — wants to sell solar panels through Tesla’s stores. Customers can buy them to power their homes and charge their Tesla electric vehicles.

Musk says the companies’ first joint product — solar roof tiles that look like traditional tiles — should be ready for installation by next summer.


e-Newsletter Signup

Our weekly poll

Should employers reimburse their workers at home for utility (electricity/water) costs?

Loading ... Loading ...

Central Valley Biz Blogs

Popup
shares

3/5

Article views

remaining

Sign up icon

To continue website access to

TheBusinessJournal.com

please create a FREE account OR login here.

1/5

Article views

remaining

SKIP THE POP-UPS
For only $59 for one 1-year you will receive the Print edition along with EVERYTHING The Business Journal has to offer digitally, PLUS you will have unlimited 24- hour a day access to view articles at

TheBusinessJournal.com

Use Promo Code

*New Subscribers Only

Digital and Print

XX Days Remaining

until you can view 5 more free articles

Sign up icon

Want access? Subscribe now & save $20 OFF.

Use Promo Code

WEBSUB20

* NEW SUBSCRIBERS ONLY