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Tesla Motors officially owns SolarCity: Two Elon Musk companies become one

Tesla Motors officially owns SolarCity: Two Elon Musk companies become one
SolarCity workers install panels on a Denver home with Sen. Michael Bennet (D-Colo.), center, in 2010. (Associated Press)

Tesla Motors Inc. now owns the nation's largest solar panel installer: The automaker's deal to acquire SolarCity Corp. closed Monday morning.

Shareholders of both Elon Musk companies approved the deal last week by wide margins.

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The all-stock deal valued SolarCity at $2 billion based on Tesla's closing stock price Friday. It was worth $2.6 billion when Tesla and SolarCity announced the agreement in August, but their share prices have dropped since then.

Tesla Chief Executive Musk — who is also chairman of SolarCity — wants to sell solar panels through Tesla's stores. Customers can buy them to power their homes and charge their Tesla electric vehicles.

Musk says the companies' first joint product — solar roof tiles that look like traditional tiles — should be ready for installation by summer.

Shares of Tesla, based in Palo Alto, Calif., were up 1.1% at $186.99 shortly after 10 a.m. Pacific Time.

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