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Tesla makes offer to buy Elon Musk-backed SolarCity

Posted by Green Builder Staff

Jun 22, 2016 9:43:11 AM

SolarCity products would be offered under the Tesla brand, and customers will be able to purchase them in Tesla stores.

SolarCityroofinstall.pngThe Verge is reporting that Tesla is making a bid to acquire sustainable energy company SolarCity.

"We are pleased to submit to you and the SolarCity board of directors a proposal to acquire all of the outstanding shares of common stock of SolarCity in exchange for Tesla common shares," the company wrote in a letter announcing the proposed deal. Rather than paying cash, Tesla is offering a stock-swap deal at a premium of about 21 to 30 percent over the price of SolarCity's shares. The deal values SolarCity at up to $2.8 billion.

 Shareholders from both companies still need to vote on the deal.  Read more on this stock-swap deal here.

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