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Tesla shareholders have approved the SolarCity takeover

Cadie ThompsonNov 18, 2016, 02:51 IST

REUTERS/Beck Diefenbach

Tesla shareholders voted in favor of its acquisition of SolarCity on Thursday.

CEO Elon Musk said that the votes in favor of buying SolarCity were "overwhelming."

The deal is worth $2.6 billion.

Musk owns about 20% of both companies and is chairman of SolarCity. Musk is also the cousin of SolarCity's CEO Lyndon Rive.

SolarCity shareholders also voted to approve the deal on Thursday.

This story is breaking, check back for updates.

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