The Federal Trade Commission on Thursday approved electric car manufacturer Tesla Motors, Inc.’s bid to purchase SolarCity Corp. for $2.6 billion. The FTC fast-tracked the deal “because the merging companies have few or no overlaps.”
Elon Musk, Tesla’s CEO, said in July that merging Tesla with SolarCity would create the “world’s only vertically integrated sustainable energy company” through their combination of solar, power storage and transportation. Musk envisions a one-stop shop for carbon-free energy.
The merger is expected to close by the end of the year.