From CNBC: 2024-06-05 09:50:12

Hanesbrands agrees to sell its global Champion business to Authentic Brands Group for $1.2 billion, with potential to reach $1.5 billion with additional cash contingent consideration. Net proceeds expected to be $900 million for debt reduction. Champion generated $75 million EBITDA. Shares jumped 5% after announcement. Deal approved unanimously by board.

Read more: Hanesbrands to sell Champion brand to Authentic Brands in $1.2 billion deal