Tesla and SolarCity Shareholders approved merger by ‘more than 85%’

Tesla is currently holding its special shareholders meeting to vote on the merger and General Counsel Todd Maron announced within minutes of the meeting starting that shareholders have approved the merger by more than 85%.

The company officially acquired SolarCity for roughly $2 billion. Tesla will integrate SolarCity’s team and operations, and it will phase out its brand in favor of ‘Tesla Energy’ over the next few months.

They will release the final results in a SEC filing once it will be available.

After the formal part of the meeting, the CEO of the newly combined company, Elon Musk, took a few questions and made some interesting remarks:

• Tesla’s solar roof to cost less than a regular roof – even before energy production, says Elon Musk
• Elon Musk says Tesla Model 3 will include ‘free long-distance charging’

The company sent out the following press release:

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.