Tesla announced Monday it would purchase SolarCity for $2.6 billion, completing the business mogul’s plan to merge his electric car and solar energy companies.
Financial advisers are working behind the scene to complete the merger. Evercore is a small investment firm that is Tesla’s sole adviser, and Lazard is the sole to adviser to SolarCity.
Evercore stands to earn between $15 and $20 million in fees, while Lazard is expected to earn between $20 and $25 million, reports Business Insider.
Elon Musk calls this new venture “the world’s only vertically integrated sustainable energy company,” according to Business Insider. Following his announcement of offering to purchase SolarCity, the company’s stock rose from to $26.70 from $25.37.
Solarcity has been allotted 45 days to propose counteroffers.
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