HanesBrands Closes Maidenform Deal Worth About $583 Mln

(RTTNews) - HanesBrands(HBI), a marketer of everyday basic apparel, Monday said it closed the deal with Maidenform Brands, Inc.,(MFB) for about $583 million. The transaction is expected to create growth and cost savings opportunities and increased scale to serve retailers. The deal will support Hanes' Innovate-to-Elevate strategy, which integrates the company's world-class brands, low-cost supply chain and product innovation.

Hanes funded the acquisition with cash on hand and short-term borrowings on its revolving credit facility. Goldman, Sachs & Co. served as exclusive financial advisor and King & Spalding LLP served as legal counsel to Hanes.