Tesla is now the proud owner of the solar company it always wanted. Shareholders voted on Nov. 17 to approve the $2.23-billion acquisition of a SolarCity, a leading player in the rooftop solar industry.
The combined organization will be the world’s first vertical integrated solar, energy storage, and transportation company. Musk plans to offer a one-stop shop for customers who would like to have their homes, businesses, and vehicles powered by the sun. The new company will offer glass solar shingles, home and commercial energy storage, and a fleet of electric vehicles.
Investors have been wary of the deal. Tesla has lost about $4.8 billion in market capitalization since announcing its intent to buy SolarCity in June, and SolarCity has seen its own market worries amid revenue troubles and a declining stock price. SolarCity brings $2.89 billion in debt.
But Musk launched a public push advocating for the merger, and smoothed the way when he surprised Wall Street this quarter by reporting $21.0 million in profits for Tesla.
The deal received approval from Institutional Shareholder Services, a firm advising institutional investors, reports the Los Angeles Times, and Tesla shareholders voted “overwhelmingly” in favor of acquiring SolarCity. On Twitter, Musk reported the number at about 85%.
SolarCity and Tesla shares were up for the day in after-hours trading.