It’s final: With no more barriers to the deal, Tesla is buying SolarCity. Tesla shareholders backed the acquisition, with an overwhelming 85 percent giving their approval, Tesla announced on the company’s blog. CEO Elon Musk and other ‘affiliated’ shareholders did not vote.
Tesla General Counsel Todd Maron announced the approval shortly after a special shareholders meeting, held for the purpose of voting on the merger, began, according to Electrek. SolarCity’s operations and staff will merge with Tesla and the SolarCity brand will become “Tesla Energy.”
“We would like to thank our shareholders for continuing to support our vision for the future. We look forward to showing the world what Tesla and SolarCity can achieve together,” Tesla wrote on the company blog.
The acquisition will cost Tesla approximately $2 billion. Once the SEC filing is complete Tesla will publish the final results of the vote, describing the affirmative votes as “overwhelming” and “more than 85 percent of shares.”