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,

Gildan Activewear has entered into a definitive agreement to pay $2.2 billion for HanesBrands in a deal that places its enterprise value at $4.4 billion.

Gildan Activewear is buying the struggling HanesBrands for $2.2 billion in a deal that gives the basic apparel maker access to household name brands like Hanes and Maidenform. The companies put the transaction’s valued at about $4.