Zipcar Gets Green Light for Streetcar Buy
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The company got another jot in the right direction today, after the British Competition Commission approved its bid to take over its local counterpart Streetcar. The financial terms of the deal which was signed earlier this year were not made public.
"We applaud the Competition Commission's final decision and are pleased to have the matter finally resolved,” said Scott Griffith, Zipcar CEO.
“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."
Zipcar is perhaps one of the best-represented business of its kind in the US, being present in hundreds of campuses there. In Europe, however, their business is virtually absent. Buying Streetcar it hopes to open the doors to the Old Continent for this innovative way of motoring to become a hit.
"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," Griffith added.
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