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Gildan to buy Hanes in a T-shirt cannon consolidation play

Gildan on Wednesday announced its plan to buy Hanesbrands for $2.2 billion.

Max Knoblauch

Gildan Activewear and Hanesbrands, the makers of virtually every T-shirt you’ve ever caught at a minor league baseball game, plan to combine to create a basics powerhouse.

Gildan on Wednesday said it would acquire Hanes in a deal valued at $2.2 billion according to Monday’s closing prices, before the stocks swung on reports of an impending deal. When Hanes’ debt is included, the deal is valued at $4.4 billion. The deal is expected to effectively double Gildan’s revenue.

Gildan makes many blank, customizable tees and also owns sock brand Gold Toe. Hanes specializes in underwear and owns brands like Maidenform and Playtex. Shares of both apparel companies rose in Wednesday morning trading.

Hanes sales have dropped off steeply in recent years as the company faced increased competition. Hanes sold its brand Champion for $1.2 billion last year.

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