Tesla has just announced its proposed merger with SolarCity has been approved. “After comprehensive due diligence in consultation with independent financial and legal advisors, the independent members of the Tesla and SolarCity boards of directors approved this transaction”, says the official statement.
Although it is a major step forward, this does not entirely closes the deal. SolarCity will have the “go-shop” period. It is a 45-day window for the company to ask for alternative proposals, or else, to see if any other company would pay more for its shares.
The deal is a major part of Tesla’s Master Plan: Part Deux. As Aaron Robinson, from Car and Driver, has pointed out a while ago, it shows that Elon Musk is more interested in controlling renewable energy sources than just in the automotive world. Having a desirable electric car is an important part of the plan, but it does not resume to it. Hence the Powerwall and Powerpack products. Tesla cars are moving electric energy storage devices. SolarCity is the electric energy provider. It is a winning combo, as if GM owned Exxon in the beginning of the internal combustion engine era. Tesla and SolarCity expect to have a closed deal by the end of the year.