MONTREAL – Gildan Activewear Inc. has signed a deal to buy HanesBrands Inc. for US$2.2 billion in shares and cash.
Gildan chief executive Glenn Chamandy says the combination strengthens the company’s position with an opportunity to expand the heritage “Hanes” brand.
Under the terms of the agreement, HanesBrands shareholders will receive 0.102 shares of Gildan and 80 cents US in cash for each share.
The offer implies a value of US$6 per HanesBrands share based on the Gildan closing share price on Monday.
The transaction is subject to HanesBrands shareholder approval and other customary closing conditions. It is expected to close in late 2025 or early 2026.
HanesBrands shareholders will own about 19.9 per cent of Gildan shares on a non-diluted basis once the deal is complete.
This report by The Canadian Press was first published Aug. 13, 2025.
Companies in this story: (TSX:GIL)
