Tesla’s Buyout Of Musk’s SolarCity Approved By Shareholders

Shareholders in Tesla and SolarCity have approved the electric automaker’s acquisition of

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by Brad Anderson

November 18, 2016 at 13:29

Shareholders in Tesla and SolarCity have approved the electric automaker’s acquisition of Musk’s solar energy business.

At respective meetings held by Tesla and SolarCity, both voted favourably for the deal, despite Tesla being hitting with multiple lawsuits in September relating to its proposed $2.6 billion buyout of SolarCity.

In a statement issued on the carmaker’s blog, Tesla says “more than 85 per cent of shares voted were cast in favour of the acquisition”.

The deal means that SolarCity shareholders will now receive 0.11 of a Tesla share for each SolarCity share in their portfolio in a deal that the automaker expects to close soon.

Since announcing its intention to buy out SolarCity in June, Tesla shares have fallen by about 14 per cent, reports The New York Times.