Tesla is buying SolarCity for $2.6 billion

SolarCity, a maker of solar panels, has agreed to a merger with electric carmaker Tesla according to a post on SolarCity’s official blog.

Tesla originally made the all-stock offer for SolarCity on June 21. According to the post, the enterprise value of the deal will be $2.6 billion.

The move combines two of entrepreneur Elon Musk’s public firms to create what the SolarCity post called “the world’s only vertically integrated sustainable energy company.”

“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,” said the post from SolarCity.

“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.”

More to come…

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