LONDON (BRAIN) — UK antitrust authorities have approved the proposed merger of Wiggle and Chain Reaction Cycles, and the two companies are expected to complete the merger soon.
The UK Competition and Markets Authority approved the proposed merger on Thursday.
In a press release, Wiggle said the combined company will be called WiggleCRC. Each website and brand will continue and expand their product range and infrastructure.
"Together the combined business, which will have revenues in excess of £300m ($400 million) will be better placed to compete in the growing global online market for cycling, running, swimming and tri-sports products and accessories," Wiggle said.
WiggleCRC will be chaired by Brian McBride and managed by Stefan Barden, as CEO. Chris Watson, currently managing director of Chain Reaction Cycles, will sit on the board and will be a significant shareholder.
In a joint statement, Barden and Watson 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."
