Tesla Agrees $2.6bn Deal To Buy SolarCity

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US electric carmaker Tesla has said it has reached a deal to buy solar panel company SolarCity for $2.6bn (£2bn).

The deal, announced in June, will expand Tesla’s clean energy business.

California-based Tesla is known as a pioneer in electric cars but since last year has also been selling batteries that can power homes and businesses.

Tesla chief executive Elon Musk owns 22% of SolarCity and sits on the firm’s board. SolarCity’s chief executive Lyndon Rive and Mr Musk are cousins.

Under the deal, SolarCity has until 14 September to solicit offers from other potential buyers.