Hanesbrands to Sell Champion Brand for Up to $1.5 Billion
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Hanesbrands HBI -0.94%decrease; red down pointing triangle has agreed to sell its embattled Champion sportswear business to Authentic Brands Group in a transaction valued at up to $1.5 billion.
Hanesbrands said the divestiture of its second-largest brand would help boost its debt reduction, optimize its supply chain and increase investments across its other brands including Hanes, Bonds, Maidenform and Bali. The agreement comes amid an uptick in merger and acquisition activity after last year’s slump.
Source: WSJ