Tesla to buy SolarCity in $2.6 billion stock deal

August 1, 2016 11:26 AM

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Tesla Motors Inc (TSLA.O) said it would buy solar panel installer SolarCity Corp (SCTY.O) for $2.6 billion in shares to form a one-stop clean energy shop.

Tesla Chief Executive Elon Musk is also chairman and a major shareholder SolarCity. The combined entity will offer consumers solar panels, home battery storage systems and electric cars under a single brand.

Also read: The Savviest Tech Investor You’ve Never Heard of Is Selling Down Tencent

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