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Tesla wins US antitrust approval to buy SolarCity

Tesla said in July after it made its first offer that by acquiring SolarCity the two companies would form a one-stop clean energy shop.

Tesla wins US antitrust approval to buy SolarCity
The logo of U.S. car manufacturer Tesla is seen in Zurich. Photo: Reuters
Written By: Reuters
Updated: Thu, Aug 25, 2016
11:29 pm
Washington, Reuters
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Tesla Motors Inc has won US antitrust approval to buy solar panel installer SolarCity Corp, the Federal Trade Commission said on Thursday.

The deal was on a listing of proposed transactions that won quick approval because the merging companies have few or no overlaps.

Tesla said in July after it made its first offer that by acquiring SolarCity the two companies would form a one-stop clean energy shop, offering consumers solar panels, home battery storage and electric cars under a single brand. The deal was announced on Aug. 1.

The share prices of both SolarCity and Tesla were up 0.2% on Thursday.

SolarCity has come under pressure from rivals offering low-cost solar energy through large, utility-scale installations, and because some state governments have reined in subsidies that encouraged rooftop solar.

Neither Tesla nor SolarCity immediately responded to a request for comment.