HanesBrands surges after $1.2 bln deal to sell its sportswear business

Hanesbrands

05/06/2024 13:24

** Shares of apparel company HanesBrands  HBI.N  up 14.9% at
$5.8 premarket
    ** HanesBrands said on Wednesday it would sell its
sportswear business Champion to Authentic Brands Group  AUTH.N 
in a deal valued at $1.2 billion
    ** HBI said the deal could reach up to $1.5 billion through
an additional contingent cash consideration of up to $300
million based on achievement of performance thresholds
    ** Up to Tuesday's close, stock had risen ~13% YTD

 (Reportin by Kannaki Deka)
 ((Kannaki.Deka@thomsonreuters.com))