Gildan Activewear to buy HanesBrands for $2.2B
Gildan Activewear is buying HanesBrands for $2.2 billion, the two companies said Wednesday.
The deal consists of 87% stock and 13% cash per every HanesBrands share, with the cash portion anticipated to be about $290 million. Gildan will pay for HanesBrands through $2.3 billion in transaction financing, through bridge facility and term loans.
The deal implies a $4.4 billion enterprise value for HanesBrands. Gildan CEO Glenn Chamandy said the combination will double Gildan’s revenue and create “scale that distinctly sets us apart.”