Tesla wants to buy SolarCity for $2.8 billion
Elon Musk wants to buy a company he helped start.
Tesla announced on Tuesday its intentions to buy SolarCity, having made an offer of between $26.50 per share and $28.50 per share. That equates to a $2.8 billion valuation.
SolarCity’s primary business is the financing and installation of solar panels. The company was founded in 2006 by Peter Rive and Lyndon Rive, with help from their cousin: Musk, Tesla’s founder and CEO.
The deal, announced in a blog post, would be paid for entirely in Tesla stock.
“Tesla customers can drive clean cars and they can use our battery packs to help consume energy more