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Elon's Musketeers Confirmed: Tesla, Solar City Merger Wins US Anti-Trust Approval
Elon Musk's Tesla Motors has won US Anti-Trust approval to purchase solar panel Installer Solar City Corp. , which is also owned by Musk.
Tesla had announced the $2.1 billion purchase on August 1, 2016.
The Federal Trade Commission announced its approval of the merger on Thursday, August 25. The Tesla, Solar City deal was on the list of proposed transactions that were granted approval quickly because the merging partners have few or no overlaps.
Tesla had first made an offer for Solar City in July just before CEO Elon Musk unveiled his Masterplan: Part Deux, about his vision for Tesla's future as a one-stop shop for clean energy, solar panels, home battery storage and electric cars. The plan also revealed details of Musk's aim to expand Tesla's consumer base with a range of new cars including a pickup truck and a minivan.
However, Tesla still hasn't filed any paperwork for approval of the merger with the U.S. Securities and Exchange Commission (SEC). Tesla's shareholders will only be able to vote on the merger after the electric carmaker wins SEC approval.
