UK Competition Commission Provisionally Clears Streetcar AcquisitionBy Zipcar, PRNE
Wednesday, November 17, 2010
CAMBRIDGE, Massachusetts, November 18, 2010 - Today, Zipcar announced that its acquisition of Streetcar Limited has
been provisionally cleared in the United Kingdom by the Competition
Commission. The Competition Commission has reviewed the acquisition and
provisionally concluded that it does not expect the acquisition to lead to a
substantial lessening of competition in the UK.
"We are pleased with the Competition Commission's provisional findings.
This is the outcome we were hoping for at this stage and it represents an
important milestone in the regulatory review process. The companies are now a
step closer to delivering important 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. "Additionally, the Streetcar members
will benefit from being a part of a global car sharing network by using their
membership in cities around the world where Zipcar already has a presence."
The Competition Commission's findings are called "provisional" as there
is now an interim period for interested parties to submit comments on the
findings before the Competition Commission makes its final decision. The
Competition Commission is expected to make its final decision on or before 24
January 2011, the statutory deadline for completion of its inquiry.
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 Public Relations, +1-617-336-4323, gwinter at zipcar.com, or Inna Vyadro, Zipcar Investor Relations, +1-617-336-4409, ivyadro at zipcar.com
Tags: Cambridge, Massachusetts, November 18, United Kingdom, Zipcar