M&A · Industrials · Retail-Apparel & Accessory Stores
Gildan Activewear Inc. to acquire Hanesbrands Inc.
Announced Aug 13, 2025 · Closed Dec 1, 2025
Deal value$2.20BEV $4.35B
Premium24.0%To unaffected price
EV / Adj. EBITDA6.9x1.2x EV / Revenue
ConsiderationCash and stock$6.00 per share
Transaction
- Acquirer
- Gildan Activewear Inc. (GIL)
- Target
- Hanesbrands Inc. (HBI)
- Buyer type
- Strategic
- Offer price per share
- $6.00
- Enterprise value
- $4.35B
- Status
- Closed Dec 1, 2025
Deal protections
- Break fee (target pays)
- $67.5M · 3.1%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · CIBC, Morgan Stanley
Advisors
- To the acquirer
- Morgan Stanley, CIBC
- To the target
- Goldman Sachs, Evercore
Sector context · Industrials
- Comparable deals
- 96 in the prior 24 months
- Premium
- 24.0% vs. 40.0% sector median
- EV / Adj. EBITDA
- 6.9x vs. 9.4x sector median
- Break fee
- 3.1% vs. 2.7% sector median
Timeline
- AnnouncedAug 13, 2025
- Proxy filedOct 23, 2025
- Definitive proxyOct 23, 2025
- Shareholder voteNov 25, 2025
- ClosedDec 1, 2025
Valuation · fairness opinions
Discounted cash flow$4.99$8.14
Discounted cash flow$6.34$9.94
Future share price$4.37$7.97
Future share price$5.87$8.70
Precedent transactions$2.58$7.28
Offer $6.00
Implied value per Hanesbrands Inc. share by analysis, from Goldman Sachs · DCF discount rate 9.75%–11.75%.