Tesla seals $2 billion SolarCity deal

1x-1

http://www.bloomberg.com/news/articles/2016-11-17/tesla-seals-2-billion-solarcity-deal-set-to-test-musk-s-vision

Tesla Motors Inc. and SolarCity Corp. shareholders approved the electric-car maker’s purchase of the solar installer in a deal that’s poised to test Elon Musk’s vision for a viable one-stop shop for clean energy consumers.

More than 85 percent of Tesla shares voted in favor of the deal, according to a company statement Thursday, which said SolarCity shareholders also approved the acquisition. The deal, valued at about $2 billion, integrates the maker of Model S and upcoming Model 3 sedans with the installer of rooftop solar panels.

Shareholders are signing off on Musk’s plan to combine and more efficiently run two companies that have a track record for fleeting profits and frequent fundraising needs. Tesla has lost about $4.8 billion in market capitalization since its initial offer to buy SolarCity on June 21, while the latter company’s value declined by about $86 million.

“We’re trying to make an integrated product,” Musk said during a meeting with Tesla shareholders Thursday. “So you have an integrated solar roof with a Powerwall and an electric car, and you just go into a Tesla store, just say yes, it just happens. It all works, it’s seamless and you love it.”

Tesla has forecast SolarCity will add $1 billion in revenue to the combined company next year and $500 million in cash to its balance sheet over the next three years. Joining Tesla’s retail network with SolarCity’s installers and consolidating the two companies’ supply chains may result in an estimated $150 million in cost synergies within a year. The companies didn’t say how many SolarCity shares voted in favor of the deal. Jonathan Bass, a SolarCity spokesman, didn’t respond to phone calls or e-mail messages.

———-

this story nearly got missed in the post election fog..

lucky taxpayers will be footing the bill here..especially if it fails..

“Shareholders are signing off on Musk’s plan to combine and more efficiently run two companies that have a track record for fleeting profits and frequent fundraising needs. Tesla has lost about $4.8 billion in market capitalization since its initial offer to buy SolarCity on June 21, while the latter company’s value declined by about $86 million.”

its a black hole..for your money..

401

Advertisements

~ by seeker401 on November 25, 2016.

3 Responses to “Tesla seals $2 billion SolarCity deal”

  1. Reblogged this on World Peace Forum.

  2. Hey seek. US election night i got so sick of the one sided commentary from both our media here in OZ, and the syndicated US media on pay TV, i made an extremely rare visit to Alex Jones website, Infowars. They were just as biased as the mainstream mob, but Jones wasnt pretending to be impartial!

    Anyway, the moral to the story is it was mainstream that pushed me to listen to Jones, and im sure i wasnt the only one. Aparently he has 57 million listeners that night, while CNN only had 1 million viewers!!. HAHA!!

    The grubs are starting to recognise people are tuning out of mainstream to alternate media. (about fuckin time..) See this article from Rupert Murdochs ‘Trump hate’ news site.

    http://www.news.com.au/finance/business/media/911-global-elites-and-goblins-how-americas-top-conspiracy-theorist-helped-donald-trump-win/news-story/7eea5da6d64d236f44f5d80b1ce05d09

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: