The Globe and Mail reports in its Thursday, Aug. 14, edition that less than two years after proposing a multibillion-dollar acquisition of Hanesbrands, Gildan Activewear chief executive officer Glenn Chamandy announced the deal on Wednesday. The Globe's Jameson Berkow writes that Mr. Chamandy was reinstated in May, 2024, following an $89-million proxy battle that came after his ouster (all figures U.S.). Gildan will pay a mix of cash and stock for the North Carolina-based underwear producer, valuing the company at $2.2-billion. Including about $2.2-billion in Hanesbrands debt, which Gildan plans to refinance, the total purchase price is approximately $4.4-billion. It is the largest acquisition Gildan has attempted since 1984, and Mr. Chamandy is confident that integration will go smoothly. The combined company will be a global behemoth, with roughly $6.9-billion in annual revenue, 91,000 employees and 38 textile and sewing facilities spread across Central America, the Caribbean and Southeast Asia. Mr. Chamandy said Gildan expects to generate "at least" $200-million in annual cost savings within three years of the deal closing, which is expected by early 2026.