Zipcar Acquires U.K. Based Car Company Streetcar

Zipcar, the car-sharing company based in Cambridge, MA has acquired Streetcar, a U.K. car company that has a similar business model. “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,” stated Zipcar chairman and CEO Scott Griffith. No word on how much the financial details were, but rumor has it that Zipcar spent about $50 million. [Xconomy]