Tesla’s shareholders overwhelmingly approved a merger with SolarCity today, opening the way for consummating the marriage of the electric-car company and the solar-panel venture within days.
The vote was more than 85 percent in favor, excluding the shares held by billionaire Elon Musk and other executives affiliated with the companies, Tesla said in a statement. Musk is the CEO of Tesla as well as the chairman of SolarCity.
Musk and other executives talked up the deal in advance of the vote, saying that it would take advantage of the synergies offered by each company. In addition to manufacturing electric-powered vehicles, Tesla is ramping up production of its Powerwall storage batteries. Meanwhile, SolarCity has become America’s top solar-panel installation company.