In a major move to consolidate the basic side of the apparel industry, Gildan Activewear Inc. has agreed to buy HanesBrands Inc. in a cash and stock deal that values the innerwear giant stock at $2.2 billion.

Gildan Activewear acquires Hanesbrands in a $2.2B deal, aiming for $200M annual synergies. Read here for more details on the acquisition rationale.

Gildan Activewear Inc. (GIL) is set to acquire HanesBrands Inc. (HBI) in a transaction valued at approximately $2.2 billion in equity and $4.4 billion in enterprise value. The merger will bring together Gildan’s leadership in activewear with HanesBrands’ leading innerwear retail presence,