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Tesla announces plans to buy SolarCity for $2.6 billion

Tesla announced this morning plans to buy SolarCity, with the two companies hoping to join forces in order to scale their battery and solar energy operations. The automaker says it hopes to acquire SolarCity in a $2.6 billion all-stock deal, with stockholders in the latter firm receiving 0.110 common Tesla shares per SolarCity share. The deal is not entirely completed though, as the agreement includes a “go-shop” clause, allowing SolarCity to solicit alternative offers up until September 14th this year.

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