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.

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 (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,