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Tesla Agrees to Pay $2.6 Billion for SolarCity

Tesla Motors (TSLA) on Monday struck a deal to buy SolarCity (SCTY) for $2.6 billion in stock as the electric car company diversifies into green power energy.

In a blog post, SolarCity said Tesla, of Palo Alto, Calif., agreed to offer 0.110 of a share for each SolarCity share, a valuation it said pinned a price of $25.37 per SolarCity share based on Tesla's weighted average five-day closing price.

Based on the Friday close, the offer is...