Competition regulators have approved seed and agrichemical distributor Goldcrop’s takeover of rival Croplink.

Goldcrop, based in Carrigtwohill, Co Cork, recently agreed to buy Croplink, subject to receiving the go-ahead from the Competition and Consumer Protection Commission.

The commission said on Wednesday that it has approved the deal as it “will not substantially lessen competition in any market for goods and services in the State”.

Croplink, which sells weedkillers and other products that protect crops to farmers and commercial food growers, will remain as an independent business within the enlarged group.

Its owner and managing director, Jim Droney and colleague Thomas Delaney will remain with the company, which is based in Ballyvaughan, Co. Clare.

Businessman Michael Murphy set up Goldcrop through a management buyout of fuel distributor Suttons agriculture division in 1984.

It processes and distributes seeds, agricultural chemicals, packaging, hardware and other products to farmers, horticulturists and organisations such as sports clubs.