Aug 01, 2016 —In July 2016 Tesla, one of the world’s leaders in the segments of energy storage systems and electric vehicles, made a purchase proposal to SolarCity, a provider of the full spectrum of residential and commercial-level solar energy services in the USA, Tesla said in a release.
SolarCity decided to agree so the two companies are going to combine by the end-2016 to create a new vertically integrated structure on the market, which will be able to offer a new generation of solar solutions including energy storage (Tesla Powerwall и Powerpack). The new company will be able to significantly save its clients’ money providing simple one-stop solar + storage experience: one installation, one service contract, one phone app.
It is an all-stock transaction, SolarCity stockholders will receive 0.110 Tesla common shares per SolarCity share. The transaction has been approved by the boards of both companies, as well as the financial and legal advisors. Under the agreement, SolarCity will have a period of time to solicit alternative proposals till September 14. The deal is to be closed by the end of H4 2016.