Tesla-SolarCity $2.6 Billion+ Merger Announcement Coming Today

tesla motorsAccording to a Reuters report this morning, the Tesla/SolarCity merger is a done deal, and the two companies are set to officially announce the move today.

From the report:

The merger agreement is likely to include a so-called go-shop provision that will allow SolarCity to continue to solicit offers from other potential buyers for a short period of time following its signing, the people said on Sunday.

The exact terms of the deal could not be learned. Tesla had previously said it offered 0.122 to 0.131 of its shares for each SolarCity share.

The sources asked not to be identified because the negotiations are confidential. Tesla and SolarCity, which have market capitalizations of $34.6 billion and $2.6 billion respectively, declined to comment.

Charismatic Tesla CEO Elon Musk has said the merger is integral to his master plan of creating an energy-focused company with revolutionary products for the home. The company has long been rumored to be working on a home battery system, which solar panels will feed energy to.

What’s more, Tesla is also slated to report earnings this week, on Wednesday after the market close.

Tesla Motors Inc (NASDAQ:TSLA) shares fell $0.30 (-0.13%) in premarket trading to $234.49. TSLA has fallen 2.17% year-to-date, but has bounced nearly 67% from its February lows, as you can see in the chart below.

TSLA-2016-08-01

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