In a major move to consolidate the basic side of the apparel industry, Gildan Activewear Inc. has agreed to buy HanesBrands Inc. in a cash and stock deal that values the innerwear giant stock at $2.2 billion.

Gildan Activewear is buying HanesBrands for $2.2 billion, giving the basic apparel maker access to brands including Hanes and Maidenform.

MONTREAL — Gildan Activewear Inc.'s shares are up more than 10 per cent in early trading after it announced it was taking over HanesBrands Inc. for US$2.2 billion. Montreal-based Gildan said the deal is a push for size that can help it grow in a ...