Canada's Gildan Activewear is set to acquire U.S. underwear maker Hanesbrands in a deal valued at approximately $2.2 billion in cash and stock, marking Gildan's largest-ever acquisition. Earlier reports had suggested the takeover could value Hanesbrands at nearly $5 billion including debt, with an offer price around $6 per share. However, the finalized agreement announced on August 13, 2025, reflects a lower valuation. The acquisition is expected to create a combined entity with a dominant market share in men's white crew neck undershirts. Hanesbrands shares surged by nearly 40% amid the acquisition talks before settling after the deal terms were disclosed. The transaction represents a significant consolidation in the North American underwear retail sector.