UK Competition Commission Provisionally Clears Streetcar Acquisition

CAMBRIDGE, Mass., Nov. 18, 2010 /PRNewswire/ -- 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.

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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