The UK Competition and Markets Authority (CMA) has reportedly cleared the merger of Wiggle and Chain Reaction Cycles. It is understood that the internet retailing operators will, going forwards, trade under the name WiggleCRC.
The transaction has been subject to a number of regulatory approvals, including merger control clearance from the CMA. With this now confirmed, the new WiggleCRC should be formed once other final details have been agreed between the parties.
The merger between the online multisport and cycle retailers was announced in February. A release stated that ‘Together the combined business will be able to supply a broader offering and a stronger platform with which to attract new brands and compete in the wider cycling and accessories market. Financially, the combined business will have revenues in excess of £300 million [US$434m / €385m].’
Commenting on the merger, Stefan Barden, CEO of Wiggle, and Chris Watson, Managing Director of Chain Reaction Cycles, said “Together, Wiggle and Chain Reaction Cycles’ first class team of sports enthusiasts and strong heritage and expertise in cycling, running, swimming and tri-sports, will form the foundations for building a global champion.”