Zipcar deal gets final OK from UK regulators
Zipcar Inc., the Cambridge-based car sharing service, said that its acquisition of Streetcar Limited, a British company with a similar business model, has been given final clearance by regulators in the United Kingdom.
Earlier this year, Zipcar disclosed plans to buy Streetcar for around $50 million in Zipcar stock. In August, Zipcar said the deal was coming under "additional scrutiny" by British regulators. Last month, Zipcar said UK regulators gave the transaction a provisional clearance.
In today's press release, Zipcar said that British regulators have "reviewed the acquisition and concluded that it does not expect the acquisition to lead to a substantial lessening of competition."
About six months ago, Zipcar filed for an initial public stock offering that could be worth up to $75 million. No date has been set for that IPO. And last week, the company said it has received $21 million in new venture capital funding.