Tesla offer to buy Solar City
In the aim of creating end-to-end clean energy solutions, Tesla has today confirmed it’s intentions to buy SolarCity, with an offer made of between $26.50 per share and $28.50 per share, giving the company a $2.8 billion valuation. It would be paid for with Tesla stock.
This is not a random solar company – Elon Musk, CEO of Tesla, is also the chairman of SolarCity, and he helped launch the company back in 2006 with his cousins, Peter Rive and Lyndon Rive.
From the Sauce:
“Tesla customers can drive clean cars and they can use our battery packs to help consume energy more efficiently, but they still need access to the most sustainable energy source that’s available: the sun,”
SolarCity shares predictably shot up after the offer, while Tesla stocks were hit a little, dropping by about 12%. What do you think of Elon Musk’s clean energy empire?
Tags: Elon Musk, SolarCity, Tesla
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June 21, 2016 5:11 pm
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