HBI - Why Is Hanesbrands Stock Gaining Premarket Wednesday? | Benzinga
Hanesbrands Inc. (NYSE:HBI) shares are trading higher after the company inked a deal to sell its Champion business to Authentic Brands Group for a transaction value of $1.2 billion.
The transaction value could reach up to $1.5 billion, including an additional contingent cash consideration of up to $300 million based on meeting performance thresholds.
This agreement, unanimously approved by the HanesBrands Board of Directors, marks the successful conclusion of the company’s evaluation of various strategic options for the global Champion business.
The transaction is subject to customary closing conditions and is expected to be finalized in the second half of 2024.
Following the transaction closure, the company plans to maintain its hold in the innerwear category and achieve above-market growth through consumer-centric product innovation and increased investment in its leading brands, ...