According to Reuters, the deal value reached $2.6 billion. The agency reports that this is the most significant agreement in the solar energy sector in the history of the industry.
The final amount turned out to be $286 million less than the initial one — in June, Tesla offered between $26.5 and $28.5 per share of SolarCity. At that time, the total cost of the acquisition was estimated at $2.86 billion. SolarCity shareholders expressed dissatisfaction, believing that their company was worth more, and Tesla investors, as Bloomberg wrote, feared that the automaker was being distracted by unrelated areas.
Until September 14, SolarCity has the right to consider alternative offers from other bidders. The final completion of the deal is expected to occur at the end of 2016, but before that, it must be approved by shareholders of both organizations.
Elon Musk, who is the founder and co-owner of Tesla, simultaneously serves as the chairman of the board of directors of SolarCity and owns 22% of its shares. According to Musk's plan, the combined structure will engage in the sale of solar panels, batteries for them, and electric vehicles. As Reuters notes, this will allow the company to save $150 million already in the first year of joint work.
Information that the companies were on the verge of concluding an agreement appeared at the end of July. This was reported by Reuters sources familiar with the situation. However, at that time, it was not ruled out that the negotiations could fall through.
