HanesBrands to sell sportswear business Champion to Authentic Brands in $1.2 bln deal (updated)

Hanesbrands

05/06/2024 13:01

(Adds details from the release)
       June 5 (Reuters) - HanesBrands  HBI.N  said on Wednesday
it would sell its sportswear business Champion to Authentic
Brands Group  AUTH.N  in a deal valued at $1.2 billion.
    The Champion business offers sportswear ranging from
athletic tops and hoodies to socks.
    HanesBrands 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.
    The company said it intends to focus on extending its
innerwear category and increase investment across its portfolio
of brands including Hanes, Bonds, Maidenform and Bali.

 (Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by
Shilpi Majumdar)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam;))