Tesla makes bid for Solar City

Electric car maker Tesla Motors has made an offer for solar panel firm SolarCity in a bit to create an “end-to-end” offering of environmentally-friendly products.

Tesla, owned by Elon Musk, is offering of 0.122x to 0.131x shares of Tesla common stock for each share of SolarCity, also majority owned by Musk, representing a value of $26.50 - $28.50 per share, or a premium of approximately 21% to 30% over the closing price of SolarCity’s shares.

“We would be the world’s only vertically integrated energy company offering end-to-end clean energy products to our customers. This would start with the car that you drive and the energy that you use to charge it, and would extend to how everything else in your home or business is powered,” Tesla said.

“We would be able to provide the best possible installation service for all of our clean energy products. SolarCity is the best at installing solar panel systems, and that expertise translates seamlessly to the installation of Powerwalls and charging systems for Tesla vehicles.”