The transaction, subject to shareholder and regulatory approvals, is expected to close between late 2025 and early 2026.

Gildan Activewear has entered into a definitive agreement to pay $2.2 billion for HanesBrands in a deal that places its enterprise value at $4.4 billion.

Gildan Activewear is buying the struggling HanesBrands for $2.2 billion in a deal that gives the basic apparel maker access to household name brands like Hanes and Maidenform. The companies put the transaction’s valued at about $4.4 billion when HanesBrands’ debt is included.