The Wall Street Journal: Tesla to buy SolarCity in a $2.6 billion deal

Tesla Motors Inc. on Monday said it had reached a deal to buy SolarCity Corp., combining Elon Musk’s electric-car and solar-energy companies.

The all-stock deal values SolarCity SCTY, -4.08% at about $2.6 billion. SolarCity stockholders will receive 0.11 shares of Tesla TSLA, +0.22% for each SolarCity share, valuing them at $25.83 apiece, according to Friday’s closing prices.

Late in June, Musk proposed pairing the companies that he backs, the latest in a series of financial shuffles among disparate firms of his empire.

Tesla had said the deal was subject to approval of “a majority of disinterested stockholders” of both companies, and in a filing Monday said a special committee of “independent and disinterested” SolarCity board members evaluated the proposal.

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