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US: Tesla close to SolarCity purchase

By  |  July 25, 2016

Tesla Motors and SolarCity Corp have made further progress in a proposed deal that would merge the electric car maker and the solar panel installer.

The two companies are currently in the final stages of carrying out due diligence on each other and could agree on deal very soon.

Tesla announced in June that it had made an all stock offer for SolarCity worth $2.8 billion. It argued that by acquiring SolarCity, the two companies would form a one-stop clean energy shop, offering consumers solar panels, home battery storage and electric cars under a single trusted brand.

SolarCity has not yet publicly revealed its views on Tesla’s offer, but it announced in June that it had formed a special committee to evaluate the offer.

Full Content: The Economic Times

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