Tesla and SolarCity confirm merger in $2.6BN stock deal

Tesla and SolarCity have confirmed a $2.6 billion all-stock deal that will see the electric automaker and solar panel manufacturer merge. The merger, which Tesla CEO Elon Musk recently called a “no-brainer,” had left many investors and analysts feeling a little less sure. While Tesla is best known for its Model S, Model X and Model 3 high-performance electric cars, the company also produces a series of residential and industrial power storage devices called PowerWall, currently assembled at its new Gigafactory facility. SolarCity provides photovoltaic solar systems for both homes and businesses. The merger of the two companies, both founded by Musk, will allow an “esthetically beautiful and simple one-stop solar-plus-storage experience.”