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.

Gildan Activewear has entered into a definitive agreement to pay $2.2 billion for HanesBrands in a deal that places its enterprise value at $4.4 billion.

Gildan Activewear (NYSE:GIL) has agreed to acquire HanesBrands (NYSE:HBI) in a deal that implies an equity value of ~$2.2 billion and an enterprise value of ~$4.4 billion for HanesBrands. Under the terms of the merger agreement,