Antitrust Regulators Approve Tesla Deal To Buy Solarcity

from ars technica

On Thursday, federal antitrust regulators from the Federal Trade Commission (FTC) approved electric vehicle maker Tesla’s bid to buy solar panel company SolarCity for $2.6 billion in an all-stock deal. The deal was expected to be approved, and Reuters reported that regulators fast-tracked the merger, along with a number of other, lower-profile mergers in which the two companies seeking to merge did little overlapping business.

Tesla announced the merger in June, and on August 1 it proposed terms for the takeover of the solar panel company—owners of SolarCity shares will get 0.11 shares of Tesla stock for every share of SolarCity stock they own. Tesla CEO Elon Musk, who also serves on the SolarCity board, said he wanted to purchase the solar panel company to create an integrated solar platform in which houses could generate their own electricity (perhaps even with an entire Tesla-branded solar roof), store that energy in a Tesla Powerwall, and charge their electric vehicle. Servicing and installation would ideally become more consumer-friendly as well, as it would all come from the same company.

More here.

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