Bangalore - The manufacturer of electric cars and batteries Tesla Motors said Monday that it has reached an agreement with SolarCity to buy the installing of solar panels for $ 2.6 billion in a major step billionaire Elon Musk to offer consumers a fully specialized business in clean energy.
The company to be created by combining the two companies sell solar panels, domestic battery systems and electric cars, all under a single brand.
Musk is the chairman of Tesla and president of the board of SolarCity, besides being the largest shareholder of both companies.
"Solar energy storage and have their best performance when they are combined," the companies said in a post on the official Tesla blog.
The deal involves a clause that allows the SolarCity receive other offers potential buyers for 45 days until September 14.
The agreement, which must be closed in the fourth quarter, must be approved by the majority of Tesla and SolarCity shareholders not involved in the transaction, the companies said.
The companies say that the transaction should also benefit consumers, who may take advantage of lower equipment costs and facilities.
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