Online cycle retailer Wiggle looks set to create an online sports retail giant after it was announced that it would be buying its Northern Ireland rival, Chain Reaction Cycles.

The deal, which will create a company with sales upwards of £300 million, was confirmed on Friday and will see an end to the two companies being at loggerheads over the online cycling market. Wiggle and Chain Reaction Cycles earned £179m and £153.4m in annual sales, respectively; a combined total which rivals Halfords.

 “In the global online retailing market in which we operate, there is a compelling industrial logic for our two businesses to come together to become a stronger force,” said Wiggle CEO Stefan Barden, who joined the company in September 2013.

“The combined business will offer all customers an extended range of brands and products, with Wiggle’s strength in tri-sports and road cycling complemented by Chain Reaction Cycles’ strength in mountain biking, BMX and road cycling too.

“The deal propels Wiggle faster towards its objective of building a global online champion and a major British export success story.”

Chain Reaction Cycles’ managing director Chris Watson added: “This is an exciting new chapter for the Chain Reaction Cycles brand. Since the business started in 1984, we’ve grown strongly from our mountain bike origins in Northern Ireland to meet the needs of more MTB, BMX and road cyclists across more countries. Coming together with Wiggle is a great way to continue that growth, as a global force in cycling and a leader in technology, e-commerce and innovation.”