Gildan Activewear and HanesBrands have agreed to merge in a transaction valued at approximately $2.2 billion in equity and $4.4 billion in enterprise value, based on Gildan’s 11 August 2025 closing share price. The deal will see Gildan acquire HanesBrands, creating a combined company with doubled revenues, a strengthened vertically integrated manufacturing network, and expanded reach in basic apparel markets.

Gildan President and CEO Glenn J. Chamandy described the move as a historic milestone for the company. “With this transaction, our revenues will double and we achieve a scale that distinctly sets us apart,” he said. “The combination with HanesBrands strengthens our positioning and expands the heritage Hanes brand presence in activewear across channels, while enhancing Gildan’s retail reach.”

HanesBrands CEO Steve Bratspies emphasised the shared values behind the deal. “We have great respect for Gildan’s manufacturing strength and long track record of success. We look forward to expanding upon HanesBrands’ portfolio of leading innerwear brands and opening new doors for growth,” he commented, adding that Gildan intends to maintain HanesBrands’ strong presence in Winston-Salem.

The companies expect to realise at least $200 million in annual run-rate cost synergies within three years of closing, with $50 million anticipated in 2026, $100 million in 2027, and a further $50 million in 2028. The merger is expected to be immediately accretive to Gildan’s adjusted diluted earnings per share and deliver a compound annual growth rate in the low 20% range over the next three years. Upon completion, HanesBrands shareholders will hold approximately 19.9% of Gildan shares on a non-diluted basis.

www.gildancorp.com

www.hanes.com