Tesla Motors has announced that it will purchase SolarCity, setting forward Elon Musk's "part deux" plan to merge his electric car and solar energy companies.

At the end of June, Musk stated that he is considering placing the two companies under the same roof as part of his overall strategy of creating a one place pit stop for clean energy and green cars.

In his July 20 statement, he talked about his upcoming plans for Tesla. In his speech, he did note that the carmaker is planning to release an "integrated and beautiful solar-roof-with-battery product."

SolarCity's total share value points at about $2.6 billion. As part of the deal, SolarCity shareholders will get 0.11 shares of Tesla per SolarCity share, valuing them at $25.83 apiece.

Tesla is a much larger player in the market compared to SolarCity, with an estimated total value of $34.6 billion. Meanwhile, the solar rooftop manufacturer is estimated to sport a market value of about $2.6 billion. Keep in mind that the value of both companies bloomed constantly after Tesla presented its buyout offer.

In a recent statement, Tesla did mention that a committee formed of "independent and disinterested" SolarCity board members evaluated its merging offer.

In a show of good faith, Musk, who is the chairman and biggest investor in both companies, recused himself from voting on the deal at the Tesla board meeting. He will do the same during the board meeting of SolarCity, in order to avoid suspicions of conflict of interest.

The two companies feature multiple overlapping interests, which caused others to follow Musk's example and abstain from voting in the upcoming merger. Examples are Musk's cousins, Lyndon and Peter Rive, who are both members of the SolarCity board.

JB Straubel, Tesla's co-founder, is also on SolarCity's board, while investor Antonio Gracias has a seat in both companies' boards.

According to the deal, SolarCity must shell out a $78.2 million termination fee to Tesla, should it back out from the contract. However, the termination fee could be lower, at only $26.1 million. That's because the offering from Tesla comes with a "go-shop" provision, which allows SolarCity to solicit merger offers from different buyers until Sept. 14.

The offer seems to help both companies gain more traction in the stock market.

Before Friday's close, Tesla stock was up 7 percent since the EV automaker announced its offer to buy SolarCity. Meanwhile, the solar rooftop manufacturer's share value rose almost 5 percent during the same timeframe.

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