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Tesla, Inc. (TSLA) - $25 value - yours FREE >>
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Tesla, Inc. (TSLA) - $25 value - yours FREE >>
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Tesla (TSLA) Completes Acquisition of SolarCity for $2.6B
Tesla Motors, Inc. (TSLA - Free Report) completed the acquisition of SolarCity Corporation on Nov 21. Shareholder approval for the merger was received last week. Owners of nearly 85% of the outstanding Tesla shares voted in favor of the deal.
On Aug 1, 2016, Tesla announced the deal to acquire SolarCity for $2.6 billion in an all-stock purchase. SolarCity stockholders will receive 0.11 Tesla shares for each stock of SolarCity.
Tesla hopes that the acquisition will benefit both companies by increasing manufacturing efficiency and lowering customer acquisition costs. The company projects savings of $150 million in the first year for the combined corporations. Tesla also believes that this acquisition will help both the companies to expand their market more effectively and efficiently, which would not be possible individually.
However, some investors and shareholders believe that the addition of SolarCity’s debts and cash outflows will increase the strain on Tesla’s financials.
TESLA MOTORS Price
TESLA MOTORS Price | TESLA MOTORS Quote
Tesla currently carries a Zacks Rank #3 (Hold). Some better-ranked auto stocks include America's Car-Mart Inc. (CRMT - Free Report) and Rush Enterprises, Inc. (RUSHA - Free Report) .
America's Car-Mart has witnessed positive estimate revisions over the last seven days. The company sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Rush Enterprises, carrying a Zacks Rank #2 (Buy), has a long-term expected growth rate of 15%, compared to the industry average of 13.20%.
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