Elon Musk

REUTERS/Beck Diefenbach

Tesla shareholders voted in favor of its acquisition of SolarCity on Thursday.

CEO Elon Musk said that the votes in favor of buying SolarCity were “overwhelming.”

The deal is worth $ 2.6 billion.

Musk owns about 20% of both companies and is chairman of SolarCity. Musk is also the cousin of SolarCity’s CEO Lyndon Rive.

SolarCity shareholders also voted to approve the deal on Thursday. 

In late October, Musk unveiled a solar roof that Tesla created in conjunction with SolarCity. 

Musk claims the roof, which looks like a normal roof, will have the most efficient solar cells at the lowest price. On Thursday after the shareholder vote,  Musk said that Tesla aims to get the cost down to the same price as a normal roof. 

This story is breaking, check back for updates. 

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Business Insider » Finance

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