Tesla announced Monday morning its plans to acquire SolarCity in a $2.6 billion all-stock transaction. Tesla first offered to acquire SolarCity in late June, noting that it wanted to combine SolarCity’s business with Tesla’s to offer consumers not only clean cars, but electricity, too.
“Now is the right time to bring our two companies together: Tesla is getting ready to scale our Powerwall and Powerpack stationary storage products and SolarCity is getting ready to offer next-generation differentiated solar solutions,” Tesla said on Monday. “By joining forces, we can operate more efficiently and fully integrate our products, while providing customers with an aesthetically beautiful and simple one-stop solar + storage experience: one installation, one service contract, one phone app.”
SolarCity can technically spend the next 45 days shopping around for a better bid from another company, though we doubt it’ll find a better fit than Tesla. SolarCity is run by Tesla CEO Elon Musks’s cousins. He’s the largest shareholder of SolarCity stock and is also its chairman.
The company said it hopes to close the deal at the end of this year.