Gildan Activewear is acquiring HanesBrands for $2.2 billion, including debt. This deal gives Gildan access to well-known brands like Hanes and Maidenform. HanesBrands has struggled financially in recent years, with declining sales and no annual profit since 2021. The acquisition will see HanesBrands shareholders receive Gildan stock and cash, owning roughly 20% of the combined company. Gildan plans a strategic review of HanesBrands Australia, potentially selling it. The deal is pending shareholder approval and is expected to close in late 2024 or early 2025. Gildan's headquarters will remain in Montreal.

Prepared by Christopher Adams and reviewed by editorial team.