Gildan completes HanesBrands acquisition, doubling its scale

Gildan Activewear Inc. CEO Glenn Chamandy arrives to speak to the media following their annual meeting in Montreal, Tuesday, May 28, 2024. THE CANADIAN PRESS/Christinne Muschi

Gildan Activewear Inc. says it has completed its acquisition of HanesBrands Inc.

Gildan CEO Glenn Chamandy says in a press release that the acquisition will double the company’s scale.

He added that the priority now is to integrate HanesBrands and deliver on promises of at least US$200 million in cost savings through efficiencies.

Montreal-based Gildan announced the deal to snap up HanesBrands for US$2.2 billion in August.

Last week, shareholders of both companies agreed to the terms of the planned combination.

A press release from S&P Dow Jones Indices indicates shares of HanesBrands will be exchanged for 80 cents US in cash and 0.102 shares of Gildan Activewear per each share held of HanesBrands.

This report by The Canadian Press was first published Dec. 1, 2025.