Elon Musk’s Tesla Motors Inc. officially moved beyond cars and became a clean-energy company Thursday, as shareholders overwhelmingly approved the acquisition of SolarCity Corp. The deal, valued at about $2 billion, will integrate the maker of all-electric cars and batteries with the installer of rooftop solar panels. More than 85 percent of Tesla shares voted in favor of the merger.
Automotive industry deals and its products have been receiving robust attention lately. Related deals include: Tesla's recent agreement to buy German manufacturing-technology provider Grohmann Engineering GmbH; Samsung Electronics Co.'s $8 billion deal to buy auto-tech provider Harman International Industries Inc. (NYSE: HAR), angling the buyer to be the go-to supplier of in-car entertainment; Crestview Partners’ agreement to purchase Accuride Corp. (NYSE: ACW), a parts supplier for wheel manufacturers, for $124 million; Grakon LLC’s acquisition of Hamsar Diversco Inc., a maker of lighting and electronics for automobile manufacturers; Watermill Group’s purchase of parts supplier Experi-Metal Inc; and Trivest Partners' sell of Take 5 Oil Change Inc. to Driven Brands, backed by Roark Capital.