Wiggle’s acquisition of online rival Chain Reaction Cycles has been approved by the competition authorities with the deal due to complete “shortly”.

The Competition and Markets Authority (CMA) has given the green light to the deal, which will create a £300m-plus sports etailing giant.

The newly combined company will be called WiggleCRC.

The deal, first announced in February, will see the combined company step up the fight against the likes of Halfords and Amazon in the fiercely competitive online cycling and tri-sports etailing space.

Stefan Barden, Wiggle’s chief executive, will head up the newly merged group, while Wiggle’s chairman Brian McBride will have the same role in the new firm.

Chris Watson, managing director of Chain Reaction whose family owns the etailer, will have a place on the group’s board.

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.”

Wiggle, owned by private equity firm Bridgepoint, had annual sales of £179m in its last financial year, while Chain Reaction’s annual sales in 2014 were £153.4m.

The deal sets Wiggle firmly on its ambitious path to achieve £1bn annual sales.