A crucial vote on the merger of SolarCity and Tesla today has big stakes for Buffalo Niagara.
The merger would combine Tesla, the nation's biggest electric car company with SolarCity, the nation’s biggest rooftop solar installer.
With SolarCity’s mammoth new factory set to open in 2017 at RiverBend in South Buffalo, a merged Tesla-SolarCity would likely be a stronger owner than a stand-alone SolarCity. The company has promised nearly 1,500 jobs at the $900 million factory and more than 1,400 new jobs supplying or providing services to SolarCity.
The merger will be decided this afternoon, when shareholder voting closes and the results are announced. SolarCity announces its vote results around 2 p.m. The Tesla vote – which will determine whether the merger goes through – will be disclosed about 4 p.m.
In today's Buffalo News, Deputy Business Editor David Robinson explains why the fate of the merger will be decided by key institutional shareholders that range from mutual funds to pension funds to private investment firms: Big shareholders will have big say in Tesla-SolarCity merger.
Read more: The two companies are also loaded with debt. How risky is that for a merged Tesla-SolarCity?