WINSTON-SALEM, N.C. — Gildan Activewear Inc. and Hanesbrands Inc. have agreed to a merger valued at about $4.4 billion, the companies have announced, confirming earlier reports that the two were in talks.
That figure factors in Hanesbrands’ existing debt to be assumed by Gildan, which offered $6 per share — or roughly $2.2 billion — in cash and stock for the North Carolina-based company, according to a press release detailing the terms. The per-share price represents a 24% premium over Hanesbrands’ closing at $4.83 on Aug. 11, a day before news outlets reported the merger talks and sent the stock soaring.
The deal, once closed, will leave shareholders in Winston-Salem’s Hanesbrands with about 20% of Gildan shares.
The combined company’s headquarters will remain in Montreal, where Gildan is based. That means a loss for North Carolina of the headquarters of one of the state’s largest public companies, though “a strong presence” in Winston-Salem will remain, the release says.
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