Tesla and SolarCity investors yesterday agreed to a $2.6 billion merger of the two companies. It was overwhelmingly passed with an 85% vote of approval. SolarCity investors will receive 0.11 Tesla shares for every SolarCity share they own.
Each group of shareholders voted independently and the fear was that the Tesla group would not vote to take on SolarCity’s debt. But Tesla shareholders evidently share Elon Musk’s vision for a green energy company that makes electric vehicles, puts solar shingles on roofs and provides energy storage so that one can power the other.
“We would like to thank our shareholders for continuing to support our vision for the future,” Tesla said in a statement. “We look forward to showing the world what Tesla and SolarCity can achieve together.”