UK Competition Commission Approves Zipcar Acquisition of StreetcarBy Zipcar, PRNE
Tuesday, December 21, 2010
Final Clearance Follows Provisional Clearance Granted in November
CAMBRIDGE, Massachusetts, December 22, 2010 - Today, Zipcar announced that its acquisition of Streetcar Limited has
been given final clearance in the United Kingdom by the Competition
Commission. The Competition Commission has reviewed the acquisition and
concluded that it does not expect the acquisition to lead to a substantial
lessening of competition. This final clearance follows the provisional
clearance granted by the Competition Commission on November 18, 2010.
"We applaud the Competition Commission's final decision and are pleased
to have the matter finally resolved. With the review process behind us, our
focus now turns to executing on our vision for this transaction - delivering
important new benefits to both Zipcar and Streetcar members, including access
to more cars in more locations, a wider selection of vehicle makes and
models, and improved service levels," said Scott Griffith, Chairman and CEO
of Zipcar. "In the longer term, this transaction gives us a strong base from
which we plan to expand into additional European markets. Additionally,
closing this matter allows us to turn our attention back to other important
and exciting corporate initiatives."
Zipcar is the world's leading car-sharing service with more than 500,000
members and 8,000 vehicles in urban areas and college campuses throughout the
United States, Canada and the United Kingdom. Zipcar offers more than 30
makes and models of self-service vehicles by the hour or day to residents and
businesses looking for an alternative to the high costs and hassles of owning
a car. More information is available at www.zipcar.com.
Zipcar and the Zipcar logo are trademarks of Zipcar, Inc.
Greg Winter, Zipcar, +1-617-336-4323, gwinter at zipcar.com
Tags: Cambridge, December 22, Massachusetts, Western Europe, Zipcar