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.