The Competition Authority has this evening approved the proposed €336m acquisition by building materials group Grafton of its rival Heiton Group.
The approval is with two conditions. The first condition is that Grafton will inform the Authority of all proposed mergers or acquisitions in the builders' merchants sector in the state for three years from the date on which the deal is complete.
Condition two states that the acquisition must be put into effect within 12 months.
The Competition Authority received notification of the proposed acquisition in September. The Authority is required under the Mergers and Acquisitions section of the Competition Act to determine whether the result of the proposed deal will 'substantially lessen competition'.
The Authority announced its decision to carry out a full investigation in relation to the deal in November.
