Tuesday, June 21, 2016

Tesla Motors Makes Bid For SolarCity

Tesla Motors, the electric car company headed by Elon Musk, said on Tuesday that it has offered to acquire SolarCity, the solar financing and installation company which was also started by Musk. Tesla said it is proposing to pay between $26.50 to $28.50 per share in a stock-for-stock swap for SolarCity, making the deal worth as much as $3.0 billion. Musk is CEO of Tesla Motors, and is Chairman of SolarCity. Tesla said the move would "complete the picture", tying together the electric vehicles and sustainable energy from solar panels.