Tesla (TSLA) has won U.S. antitrust approval to buy solar panel installer SolarCity (SCTY), 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.
The deal was announced on Aug. 1 and is part of an effort by Tesla to improve economies of scale in electrical energy management systems, battery production and marketing.
SolarCity’s shares rose 0.4% while Tesla was up 0.3% on Thursday.
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.
