New York state regulators on Thursday approved a deal that would allow the Tesla and JPMorgan Chase merger to go ahead as planned.
Tesla will pay $3.2 billion to acquire JPMorgan Chase & AMZN, a deal the company called a “transformational acquisition.”
Tesla said the transaction would be structured to “enhance both companies’ brands and serve our customers” as the two companies seek to “create a more robust financial service.”
The deal comes after a year of intense lobbying by Tesla, which had pushed regulators to reject a merger of its rival electric car maker with the biggest U.S. bank.
Tesla had pushed for the merger because it believes its competitors can be better served by the merger, which would allow it to provide financial services to customers with less risk.
Tesla has been trying to lure J.G.
P Morgan into its fold by offering a slew of perks and incentives, including a 25% dividend, a 10% interest rate, free up bank capital for investment and more.
J.J. Morgan has said it will be a separate company, but Tesla said it is working to merge with J. P. Morgan Chase & AMI.JPMorgan Chase &AMZN is the largest U.K. bank and the third-largest bank in the U. S., according to data from Bloomberg New York.
The deal will be subject to regulatory approval in New Jersey and Delaware.
Jobs will be created at Tesla, where the company said it has 2,700 employees.
Tesla will also be based in California.
Jamsons chief financial officer, Jeff Bezos, and the CEO of the company, Elon Musk, will both retire.
The merger will create a $12 billion investment in Tesla, according to Tesla.
Jerns board will be comprised of former executives who have worked for the bank.
Elon Musk will also serve as chairman of the board, the company announced.
Tesla and JPM have a long history of working together.
Jerns former CEO was fired by J. J Morgan in 2015 after a $7 billion fraud case against the bank was settled.
Johnson, like J. Morgan, has faced criticism from some quarters over its reliance on its own money for capital, and in some cases has been criticized for its inability to withstand market pressure.JAMSON’S SECURITIES AND EXCHANGE COMMISSION SECURITY ADVISORY BOARD Chairman John M. Baker III will serve as the company’s CEO.
He has held several positions at the bank including president of the Securities and Exchange Commission.JONATHAN HARRISSON JAMSON CEO: “Our mission is to provide value to our customers and provide our customers value.
Our commitment to innovation and technology is a core value for us and is a cornerstone of our business.
Our mission will continue to be to create a better financial service for our customers.
JAMZON CEO: Our mission is for J.PMM to create the best possible financial service and to provide that to our clients and our customers to make sure they get the services they need and deserve.”