The Federal Trade Commission has given its approval for Tesla Motors’ acquisition of the SolarCity power panel company, saying that the combination would create no antitrust concerns.
The go-ahead removes another hurdle to the $2.6 billion all-stock deal, which was proposed in June. Billionaire entrepreneur Elon Musk is the largest investor in both companies. He’s the CEO of Tesla, and the chairman of SolarCity.
Musk argues that the deal will create a consumer-friendly, one-stop energy shop for electric cars, solar panels and battery storage systems.
The next hurdle is a vote by the disinterested shareholders of the two companies, which will exclude the shares held by Musk and other executives. That vote is expected to clear the way for the merger to take effect later this year.