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Tesla wins U.S. antitrust approval to buy SolarCity

Reuters

By Diane Bartz

WASHINGTON (Reuters) - Tesla Motors Inc has won U.S. 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 percent on Thursday.

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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.

(Editing by Jeffrey Benkoe and Alistair Bell)