FTC Approves Tesla Motors' Acquisition Of SolarCity

(RTTNews) - The Federal Trade Commission has approved Tesla Motors Inc.'s (TSLA) proposed $2.6 billion deal to buy SolarCity Corp. (SCTY).

On 1st August, Tesla Motors Inc., SolarCity Corp. and D Subsidiary, Inc., a wholly owned subsidiary of Tesla or "Merger Sub", entered into an Agreement and Plan of Merger. The Merger Agreement provides for the merger of Merger Sub with and into SolarCity, with SolarCity surviving the Merger as a wholly owned subsidiary of Tesla.

As per the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger, each share of SolarCity common stock, par value $0.0001 per share issued and outstanding immediately prior to the Effective Time will be converted into the right to receive 0.110 shares of Tesla common stock, par value $0.001 per share.