Date
22 January 2017
Elon Musk has moved a step closer to his goal of offering solar panels, home battery storage and electric cars under a single brand. Photo: Bloomberg
Elon Musk has moved a step closer to his goal of offering solar panels, home battery storage and electric cars under a single brand. Photo: Bloomberg

Tesla clears US antitrust hurdle for SolarCity deal

US antitrust regulator has cleared Tesla Motors’ planned purchase of solar panel installer SolarCity Corp., taking entrepreneur Elon Musk closer to his goal of merging disparate parts of his business empire.

The Federal Trade Commission (FTC) said on Thursday that it has approved the US$2.6 billion deal as the merging partners have few or no overlaps, Reuters reported.

Tesla said in July that the acquisition of SolarCity will help create a one-stop shop for clean energy, offering consumers solar panels, home battery storage and electric cars under a single brand.

Elon Musk is the chairman and biggest shareholder of both the firms.

A SolarCity spokeswoman told Reuters that the deal is expected to close by the end of the year.

Tesla has yet to file a merger-related form to be reviewed by the US Securities and Exchange Commission, after which it will set a date for shareholders to vote.

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