Tesla is buying the solar-panel company SolarCity for $2.6 billion and two banks are on the deal.
The boutique firm Evercore was Tesla’s sole financial advisor, while Lazard was the sole advisor to SolarCity.
Evercore’s team included its founder and executive chairman, Roger Altman, as well as Stuart Francis, Courtney McBean, Preston Comey, Patricia Shaw, Anand Sankaralingam, Connor Landy, Marshall Watkins and Jessica Yi.
Over at Lazard, George Bilicic and Jonathan Mir led the firm’s efforts.
Evercore will earn an estimated $15-20 million in buy-side advisory fees, according to the consultant Freeman & Co., while Lazard will earn between $20-25 million.
The deal combines two of entrepreneur Elon Musk’s public firms to create what he has called “the world’s only vertically integrated sustainable energy company.”
Musk announced the deal in a blog post after making an all-stock offer for SolarCity on June 21. It values each share of SolarCity at $25.37, according to the post. As of the close on Friday, SolarCity shares were trading at $26.70.
SolarCity now has a 45-day period, which will end September 14, to solicit counteroffers.