04:28 GMT19 June 2021
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    Tesla Motors bought the SolarCity energy company in a $2.6 billion deal.

    MOSCOW (Sputnik) – The US electric car manufacturer Tesla Motors announced on Monday the purchase of the SolarCity energy company in a deal worth $2.6 billion.

    "Just over a month ago, Tesla made a proposal to purchase SolarCity and today we are announcing that the two companies have reached an agreement to combine, creating the world's only vertically integrated sustainable energy company," Tesla Motors said in a statement.

    According to the statement, thanks to the deal the companies will be able to boost the efficiency of operation.

    "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," Tesla Motors said.

    The statement adds that despite the reached deal the transaction is expected to be completed only in the fourth quarter of 2016 after the approval by shareholders of Tesla and SolarCity as well as regulatory bodies.

    Tesla Motors and SolarCity have the same biggest shareholder – Elon Musk, who owns more than 20 percent in each of the companies. He is also the chairman in both corporations.

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    Tags:
    SolarCity, Tesla Motors, Elon Musk
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