Shareholders Approve Merger of Tesla and SolarCity

Pictured: Elon Musk.

Shareholders of Tesla and SolarCity today voted to approve the merger of the two companies, reports CNBC.

The vote was held during a webcasted meeting at 4 pm ET. More than 85 percent of voting shares were in favor of the merger. Elon Musk and other affiliated shareholders recused themselves from the vote.

In a statement sent by Tesla to CNBC, the company announced that “the transaction will be completed in the coming days”.

Both Tesla and SolarCity shares were up more than 2 percent in afternoon trading.

SolarCity will adopt Tesla’s name, allowing the merged companies to sell electric cars, residential PV solar cells, and the new Powerwall battery products under a single brand. Musk said he envisions an operation that dispatches a single team to install solar infrastructure, electric car chargers, and energy storage batteries in one visit.

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