It’s Official: Shareholders Strongly Approve Tesla-SolarCity Merger

Tesla acquired SolarCity this summer for $2 billion. At a special meeting this week, it was announced that more than 85% of shareholders have now approved the merger, moving the transaction forward.

“Tesla’s shareholders have overwhelmingly approved our acquisition of SolarCity,” the company said in a statement. “Excluding the votes of Elon and other affiliated shareholders, more than 85% of shares voted were cast in favor of the acquisition.”

As SolarCity integrates into Tesla, it will become known as “Tesla Energy.”

“With SolarCity’s shareholders also having approved the acquisition, the transaction will be completed in the coming days,” Tesla stated. “We would like to thank our shareholders for continuing to support our vision for the future.”

Elon Musk recently stated that the synergy between the two companies is rich: “like peanut butter and jelly,” to use his wording.

“We look forward to showing the world what Tesla and SolarCity can achieve together,” Tesla said following the shareholders meeting.

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