UK Competition Commission Approves Zipcar Acquisition of Streetcar

Final Clearance Follows Provisional Clearance Granted in November

Dec 22, 2010, 04:12 ET from Zipcar

CAMBRIDGE, Mass., Dec. 22, 2010 /PRNewswire/ -- 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."

About Zipcar

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.

SOURCE Zipcar



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