Tesla gains antitrust approval for $2.6 billion SolarCity acquisition

Tesla announced plans to buy the solar panel maker earlier this month as part of its push to become a renewable-energy products company.

Tesla

Tesla has gained antitrust approval from US regulators for its $2.6 billion acquisition of SolarCity.

According to Reuters, the deal was listed among proposed transactions that earned swift approval from the Federal Trade Commission because the "companies have few or no overlaps".

Tesla announced plans to buy the solar panel maker earlier this month as part of its push to become a renewable-energy products company.

Essentially, Tesla wants to use its range of energy storage products to store energy generated from SolarCity's solar panels, thereby creating a one-stop shop for renewable energy purchasing, installation, and management.

"This is really all part of solving the sustainable energy problem," Tesla CEO Elon Musk said when the deal was first announced.

Tesla initially tried to buy SolarCity in June, but the deal sparked scrutiny from Wall Street and concerns over Musk's personal ties to SolarCity. In addition to his role with Tesla, Musk is also the chairman and largest individual shareholder of SolarCity. What's more, SolarCity's CEO, Lyndon Rive, is Musk's cousin.

Musk has attempted to distance himself from the specifics of the deal, saying he was "fully recused from the matter".

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