Denis O'Brien's Topaz has confirmed that it is poised to take over rival Esso Ireland in a deal that will see it take around 30 per cent of the motor fuels market.

Topaz was known to be circling the Exxon Mobil-owned Essso business, which owns 38 service stations and the right to supply 60 more, and was said to be willing to pay €70 million for it.

It has confirmed that its parent Kendrick Investments will buy the shares of Esso Ireland and its subsidiaries, Ireland ROC and Esso Ireland Manufacturing Company.

Exxon Mobil’s upstream, chemical and lubricants businesses in Ireland are not part of the deal.

Mergers watchdog, the Competition and Consumer Protection Commission, will have to approve the transaction.

Emmet O’Neill, incoming chief executive of Topaz, said that the purchase underlines the company’s committment to the Irish market.