SolarCity sold to Tesla for $2.6 bn

Tesla Motors said it would buy solar panel-installer, SolarCity Corp, for $2.6 billion in shares to form a one-stop clean energy shop. The combined entity will offer consumers solar panels, home battery storage systems and electric cars under a single brand. The companies said SolarCity stockholders would receive 0.110 Tesla common shares for every share held, valuing SolarCity at $25.37 per share based on the 5-day volume weighted average price of Tesla shares as of Friday.