Gildan Activewear acquires Hanesbrands in a $2.2B deal, aiming for $200M annual synergies. Read here for more details on the acquisition rationale.

Gildan Activewear is buying the struggling HanesBrands for $2.2 billion in a deal that gives the basic apparel maker access to household name brands like Hanes and Maidenform. The companies put the transaction’s valued at about $4.4 billion when HanesBrands’ debt is included.

The deal would nearly double Gildan’s revenue, but there could be antitrust hurdles because both companies sell underwear, hosiery and shirts.