New Era Cap, a major supplier of headwear for U.S. sports leagues, has agreed to acquire its competitor, '47, a sports lifestyle brand, sources say. The acquisition aims to create a premier global sport and lifestyle company with expanded reach. The deal is set to finalize on June 6, 2024. This merger is expected to reshape the sports apparel market, potentially leading to a monopolization of the baseball cap market. Concerns have been raised about the Federal Trade Commission (FTC) possibly intervening, as the combined market share of New Era and '47 could exceed 50%. The agreement was reported on Thursday.