テスラとソーラーシティがひとつに

1ヶ月少し前にテスラはSolarCityに買収の提案をしました。本日は、両社が合併することに合意し、世界で唯一の垂直統合された持続可能エネルギー企業が成立したことを発表します。

ソーラーとストレージは組み合わされることで真価を発揮します。ひとつの企業として、テスラ(ストレージ)とソーラーシティ(ソーラー)は、エネルギーの発電、貯蔵、利用方法を向上する、完全に統合された住宅向け、企業向け、そしてグリッドスケールの製品を作ることができます。

2つの企業を合併するには今が絶好のタイミングです。テスラはPowerwallとパワーパック据え置き型ストレージ製品を量産する準備を進めており、ソーラーシティは次世代の差別化されたソーラー ソリューションを提供する準備を進めています。力を合わせることで、両社のより効率的な運営と製品の完全な統合だけでなく、お客様に美しく、シンプルでワンストップのソーラー + ストレージ エクスペリエンスの提供が可能になります。設置、サービス契約、携帯アプリがすべてワンストップ化します。

2社のシナジーにより最初の1年で削減できるコストは1.5億ドルとなる見込みです。また、ハードウェアのコストと設置コストを削減し、生産効率を上げて顧客獲得コストを削減することで、お客様の金銭的な負担を軽減します。さらに、テスラの190店舗からなるリテール ネットワークを国際的な存在感を活用し、より多くのお客様にリーチすることができます。

本日の発表の主な条件は以下の通りです。
この買収は株式交換方式で、2016年7月29日時点のテスラ株価の5日間出来高加重平均価格に基づくと、純資産は26億ドルとなります。この契約で、ソーラーシティの株主は1株当りテスラ普通株式を0.110株受け取ることになり、2016年7月29日時点のテスラ株価の5日間出来高加重平均価格に基づくと、ソーラーシティの普通株式の価値は25.37ドルとなります。

独立した金融、法律顧問によるコンサルティングを伴う総合的なデューデリジェンスの後、テスラとソーラーシティの取締役会の個々の役員がこの取引を承認しました。テスラの金融顧問はEvercoreが、法律顧問はWachtell, Lipton, Rosen & Katzが務めました。SolarCity取締役会特別委員会の金融顧問はLazardが、法律顧問はSkadden, Arps, Slate, Meagher & Flomが務めました。

この契約の条項には、ソーラーシティは2016年9月14日までの45日間、テスラ以外からの買収提案を受けることができるという内容が含まれます。両社は本日、この取引に関する詳細が書かれているForm 8-Kを米国証券取引委員会に提出しました。

本日のニュースは大きなステップですが、ゴールではありません。この取引は2016年第四四半期に承認される見通しです。それまでに、この取引はテスラとソーラーシティ双方の株主総会で公正な株主の過半数からの承認を得る必要があります。また、規制当局の承認を得て、他の諸条件を満たす必要があります。

 

Forward-Looking Statements

Certain statements in this presentation, including statements relating to the proposed combination of SolarCity Corporation ("SolarCity") and Tesla Motors, Inc. ("Tesla") and the combined company's future financial condition, performance and operating results, strategy and plans are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which change over time. Forward-looking statements speak only as of the date they are made and we assume no duty to update forward-looking statements. In addition to factors previously disclosed in Tesla's and SolarCity's reports filed with the U.S. Securities and Exchange Commission (the "SEC") and those identified elsewhere in this presentation, the following factors, among others, could cause actual results to differ materially from forward-looking statements and historical performance: the ability to obtain regulatory approvals and meet other closing conditions to the transaction, including requisite approval by Tesla and SolarCity stockholders, on a timely basis or at all; delay in closing the transaction; the ultimate outcome and results of integrating the operations of Tesla and SolarCity and the ultimate ability to realize synergies and other benefits; business disruption following the transaction; the availability and access, in general, of funds to meet debt obligations and to fund ongoing operations and necessary capital expenditures; and the ability to comply with all covenants in the indentures and credit facilities of Tesla and SolarCity, any violation of which, if not cured in a timely manner, could trigger a default of our other obligations under cross-default provisions.

The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the Risk Factors included in Tesla's and SolarCity's most recent reports on Form 10-K and Form 10-Q and other documents of Tesla and SolarCity on file with the Securities and Exchange Commission. Tesla's and SolarCity's SEC filings are available publicly on the SEC's website at www.sec.gov. Any forward-looking statements made or incorporated by reference herein are qualified in their entirety by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us or our business or operations. Except to the extent required by applicable law, Tesla and SolarCity undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Important Additional Information and Where to Find It

The transaction will be submitted to the stockholders of each of SolarCity and Tesla for their consideration. Tesla will file with the SEC a Registration Statement on Form S-4 that will include a joint proxy statement/prospectus of SolarCity and Tesla. INVESTORS AND SECURITY HOLDERS OF SOLARCITY AND TESLA ARE URGED TO READ THE JOINT PROXY STATEMENT/ PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. You may obtain copies of all documents filed with the SEC regarding this transaction, free of charge, at the SEC's website, www.sec.gov.

No Offer or Solicitation

This document does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Participants in the Solicitation

SolarCity, Tesla, and certain of their respective directors, executive officers and other members of management and employees, under SEC rules may be deemed to be participants in the solicitation of proxies from SolarCity and Tesla stockholders in connection with the proposed transaction. Information regarding the interests of the persons who may, under the rules of the SEC, be deemed participants in the solicitation of SolarCity and Tesla stockholders in connection with the proposed transaction will be set forth in the joint proxy statement/prospectus when it is filed with the SEC. You can find more detailed information about SolarCity's executive officers and directors in its definitive proxy statement filed with the SEC on April 21, 2016. You can find more detailed information about Tesla's executive officers and directors in its definitive proxy statement filed with the SEC on April 15, 2016.

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