Tesla CEO Elon Musk says the SolarCity merger will lead to increased synergies. (Tesla via YouTube)
The $2 billion Tesla-SolarCity merger went into effect today, just four days after Tesla Motors’ shareholders gave their approval.
In a filing with the Securities and Exchange Commission, Tesla said SolarCity is now its wholly owned subsidiary. The all-stock deal converted each SolarCity share into 0.11 Tesla shares, and SolarCity is no longer listed in the NASDAQ market quotes.
For what it’s worth, the final trading price for SolarCity shares was $20.34 as of Nov. 18. At the end of today’s trading, Tesla shares were down 50 cents for the day at $184.52.
Tesla CEO Elon Musk said the merger would create synergies between Tesla’s lines of business, which market electric cars and electricity storage systems, and SolarCity’s line of electricity-generating solar panels.
