Earlier this month in a blog post, Tesla laid out the reasons a SolarCity merger makes sense for both companies. As you would expect, considering he was clearly one of the main architects behind the deal, Tesla and SolarCity head Elon Musk is pleased with the result. In a tweet this afternoon, Musk thanked the company’s shareholders “for believing.”
Vote tally shows ~85% of unaffiliated shareholders in favor of the Tesla/SolarCity merger! Thanks for believing.
— Elon Musk (@elonmusk) November 17, 2016
Tesla cites $150 million worth of “direct cost synergies” that will be realized in the merger with SolarCity, through sales and marketing efficiencies and “corporate and overhead savings.” Now, all the merged company needs is for lots of Model S, Model X, and future Model 3 owners to put SolarCity solar cells on their roofs and Powerwalls in their garages.
UPDATE: On Monday morning (Nov. 21), Tesla made it official: “We’re pleased to announce that Tesla’s acquisition of SolarCity closed this morning.“