The petrol retailer Topaz is set to take over Esso, Newstalk has learned.

Sources familiar with the deal say it will be announced in the next few days.

Esso has about 90 branded petrol stations across Ireland. It owns 38 of these directly while the rest are owned by dealers but trade under the Esso name.

Once the takeover is complete Topaz will control over 400 petrol stations across the country. It’s already the latest petrol chain in the country with revenues of about €3.1 billion.

A spokesman for Topaz said the company doesn’t comment on speculation.

The takeover is set to cost Topaz in the tens of millions. Reports have put a price tag of €70 million on Esso, although the company has been loss making for the last couple of years.

Esso is understood to have been looking for an exit from Ireland for some time. It’s owned by the American oil giant Exxon Mobil, which is concentrating its investment on oil and gas exploration rather than petrol stations.

The takeover will require the approval of the competition and consumer protection commission.