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US company to acquire Aus underwear business

US company to acquire Aus underwear business

Steven Glanz, Baker & McKenzie

Two global firms are advising on HanesBrand's acquisition of Pacific Brands Limited, an Australian underwear and intimate apparel company.

Firms: Baker & McKenzie (HanesBrands); Herbert Smith Freehills (Pacific Brands Limited)

Deal: HanesBrands is acquiring Pacific Brands Limited.

Value: Undisclosed

Area: M&A

Key players: The Baker & McKenzie team was led by partner Steven Glanz (pictured), who was assisted by special counsel Riccardo Troiano.

Deal significance: HanesBrands, based in the US, is a marketer and manufacturer of everyday basic underwear and activewear apparel in the Americas, Europe and Asia under some of the world’s strongest apparel brands.

HanesBrands has approximately 65,300 employees in more than 40 countries and is ranked number 490 on the Fortune 500 list of America’s largest companies by sales, according to a statement from Baker & McKenzie.

HanesBrands is acquiring Australian company Pacific Brands, which has a portfolio that includes Bonds and Berlei.

The value of the deal is being reported as $1.1 billion by the AFR.

The definitive purchase agreement has been unanimously approved by the boards of directors of both companies.

The acquisition, which is subject to Pacific Brands shareholder approval and other customary closing conditions, is expected to close in the third quarter of 2016.

The acquisition will add Australia and New Zealand to the list of countries where Hanes holds the No. 1 or No. 2 market share position for underwear, intimate apparel or hosiery.

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