CCPC publishes full written determination on Circle K-Pelco deal
In 2025, the Competition and Consumer Protection Commission (CCPC) cleared, subject to legally binding commitments, the acquisition of eight Pelco-operated, Texaco service stations in Dublin and Meath by Circle K (M/24/042) in one of its most in-depth investigations into a fuel retail merger. Today, the CCPC has published the full 289-page determination detailing the extensive investigation.
Circle K is the largest service station operator in Ireland, with over 400 outlets across nationwide. Prior to the transaction, Pelco operated 13 Texaco service stations, nine of which were originally included in the proposed transaction.
An in-depth investigation by the CCPC found that, were the transaction put into effect as notified to the CCPC, potential competition issues could arise in certain parts of north Dublin. Circle K holds a large share in the retail sale of motor fuels in Artane and Coolock (Newtown) in north Dublin, significantly greater than any remaining supplier there. If the transaction had gone ahead as proposed, Circle K’s share would increase significantly.
To address these concerns, Circle K proposed not to go ahead with the purchase of the Pelco service station in Coolock, and also to divest its existing service station in Beaumont to another operator. The CCPC analysed and market tested these proposals and concluded that they will ensure that there remains sufficient local competition in those areas.
Throughout the course of its investigation, the CCPC engaged extensively with both parties, examined third-party submissions and conducted market enquiries in relation to its review of the likely competitive effects of the proposed transaction. Following the investigation and in light of these legally binding commitments made by Circle K, the CCPC concluded that the transaction would not result in a substantial lessening of competition.
To ensure compliance with these commitments, an independent monitoring trustee, who has all the rights and powers necessary to monitor compliance with the commitments, was appointed.
Úna Butler, Member of the Commission, said:
“Motor fuel is a significant expense for many Irish households. The CCPC’s investigation into this proposed transaction was one of our most in-depth examinations of a fuel retail merger to date. It was extremely detailed and included market enquiries and extensive engagement with the parties involved and third parties.”
“Following our investigation, the CCPC sought legally binding commitments that would protect consumers against the loss of competition at a local level. With these commitments in place, the CCPC determined that this transaction would not substantially lessen competition in the State. Publishing the full determination today is an important step in ensuring transparency around how we assess complex mergers.”
This proposed transaction (M/24/042) was notified to the CCPC in July 2024. Following a preliminary (Phase 1) examination, the CCPC concluded that an in-depth (Phase 2) investigation was needed to establish whether the proposed transaction would lead to a substantial lessening of competition in the State.
Read the full determination for more details.
The CCPC merger review process
Mergers and acquisitions which meet certain financial thresholds must be notified to the CCPC for review. While the vast majority of mergers and acquisitions raise no concerns, some mergers and acquisitions can reduce competition in a market, for example by creating or strengthening a dominant player. This is likely to harm consumers through higher prices, reduced choice or less innovation.
The work undertaken by the CCPC during a merger investigation varies; however, it may include in-depth economic analysis of the affected market(s) or segments, market research, and consultations with suppliers, customers and competitors of merging parties.
