Tesla, SolarCity completes multi-billion dollar merger

US electric car company, Tesla has announced that its acquisition of renewable energy firm, SolarCity was officially closed on Monday morning, bringing together Elon Musk’s electric vehicle company with the solar energy company founded by his cousins Lyndon and Peter Rive.

As contained in a statement from Tesla, the deal was approved by Tesla and SolarCity shareholders last week, after first being proposed earlier in 2016.

Tesla provided a brief statement saying: “We’re pleased to announce that Tesla’s acquisition of SolarCity closed this morning.”

It had earlier stated in a statement that its shareholders approved the deal in an overwhelming voting.

“Tesla’s shareholders have overwhelmingly approved our acquisition of SolarCity. Excluding the votes of Elon and other affiliated shareholders, more than 85% of shares voted were cast in favor of the acquisition. With SolarCity’s shareholders also having approved the acquisition, the transaction will be completed in the coming days.

“We would like to thank our shareholders for continuing to support our vision for the future. We look forward to showing the world what Tesla and SolarCity can achieve together,” it said.

Reports indicated that Musk has been advocating for the union of the two companies, claiming that their union is central to the continued execution of his ‘Master Plan,’ which aims to provide customers with full-stack solutions for owning their own energy production, storage and consumption.

Also, Tesla’s recent solar roof tile launch indicated its belief that both are a natural fit under one roof.

The deal is valued at about $2 billion and will integrate the electric cars and batteries firm with the installer of rooftop solar panels.