Tesla to buy SolarCity in $2.6 billion stock deal

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Tesla Motors Inc (TSLA.O) said it would buy solar panel installer SolarCity Corp (SCTY.O) for $2.6 billion in shares to form a one-stop clean energy shop.

Tesla Chief Executive Elon Musk is also chairman and a major shareholder SolarCity. The combined entity will offer consumers solar panels, home battery storage systems and electric cars under a single brand.

SolarCity stockholders will receive 0.110 Tesla common shares per SolarCity share, valuing SolarCity common stock at $25.37 per share based on the 5-day volume weighted average price of Tesla shares as of Friday.

(Reporting by Swetha Gopinath in Bengaluru; Editing by Saumyadeb Chakrabarty)