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Gildan to buy Hanesbrands for US$2.2 billion to expand basic apparel business
Signage is seen at Gildan Activewear Inc.'s annual meeting in Montreal, Tuesday, May 28, 2024. THE CANADIAN PRESS/Christinne Muschi Gildan Activewear has agreed to buy U.S. undergarments maker Hanesbrands for US$2.2 billion in cash and stock, the companies said on Wednesday, as the Canadian firm looks to expand its foothold in basic apparel. Gildan, whose brands include Anvil, Gildan and Gold Toe, will pay about $6 per Hanesbrands share, representing a 24 per cent premium to Monday's close and implying an equity value of $2.2 billion. Shares of Hanesbrands fell 2.4 per cent in premarket trading after surging as much as 40 per cent a day earlier, when news of the buyout first emerged. The deal combines Hanesbrands' branded retail foothold through its popular brands such as Hanes, Bonds, Maidenform and Playtex with Gildan's strong wholesale market presence across the United States, Canada, Latin America, Asia-Pacific and Europe. 'The combination of these two large manufacturers... makes sense on paper,' Citigroup analysts said after news of the takeover, adding that Gildan could manage Hanesbrands' business more efficiently, given its expertise in low-cost manufacturing. The Financial Times first reported on the potential deal on Tuesday, followed by other media outlets including Reuters. The deal caps a turbulent chapter for Hanesbrands that was marked by years of underinvestment, heavy debt and a string of acquisitions that produced mixed results since its spinoff from conglomerate Sara Lee in 2006. Hanesbrands' sales have plunged over the last three years amid stiff competition in the athleisure market and cooling demand, but cost-reduction efforts and supply-chain improvements lifted its margins in the past year. In a move to focus on its core categories, Hanesbrands has steadily offloaded assets, including selling its sportswear brand Champion to Authentic Brands in a $1.2 billion deal last year. Gildan said it intends to initiate a review of strategic alternatives for Hanesbrands Australia, which could include a sale or other transaction, after the deal closes. The transaction is expected to close in late 2025 or early 2026 and is likely to be immediately accretive to adjusted profit per share. (Reporting by Savyata Mishra in Bengaluru; Editing by Pooja Desai)
