The terms of the deal enables Zipcar to further expand its portfolio by offering more vehicles, a greater variety of hybrid and other green cars, and more locations. Streetcar members will have access to Zipcar's global network of vehicles located in cities in the United States and Canada.
"In the near term, the more than 400,000 members of both companies will benefit from more cars, more convenience and enhanced technology," Scott Griffith, Chairman and CEO of Zipcar, said in a release. "In the longer term, when considered along with our investment in the largest car sharing company in Spain in late 2009, this transaction gives us a very strong base from which to expand to additional European markets."
The merge will allow Zipcar to make further investments in technology and branding that will allow to not only improve the car sharing experience for members located across the UK, but also create a large scale car sharing network across Europe.
"We are thrilled to be part of Zipcar," said Andrew Valentine, co-founder of Streetcar. "We founded Streetcar with a vision of being the leading car club operator in Europe, and joining forces with Zipcar will help us realize that goal much more quickly. We look forward to continuing to deliver great service to our members."