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Tesla Shareholders Approve $2.6 Billion SolarCity Merger

Tesla TSLA Shareholders Approve $2.6 Billion SolarCity Merger SCTY

Tesla Motors Inc TSLA and SolarCity Corp SCTY shareholders have officially voted to approve a merger of the two companies. Tesla will pay $2.6 billion to acquire 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," Tesla said in a statement.

The shareholder vote was the last barrier for the merger, which was initially proposed by Elon Musk in June. Tesla expects SolarCity to contribute positively to its balance sheet, adding over $500 million across the next three years.

The ultimate goal is for Tesla to provide a one-stop shop for consumers sustainable energy needs.

"We’re trying to make an integrated product, where you can go to Tesla store and just say yes, It's seamless and you love it," Musk said after the vote.

Tesla shares were up 2.6 percent on the day, while SolarCity gained about 3 percent.

© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.