Canada-based Gildan Activewear will purchase HanesBrands in a $2.2 billion deal that will transfer ownership of popular name brands like Hanes and Maidenform.

Gildan, in addition to its namesake brand, also makes American Apparel and Peds.

Gildan buying Hanes

What they're saying:

"As part of Gildan, HanesBrands will benefit from an even stronger financial and operational foundation that will provide new growth opportunities – helping to power further innovation, a broader product offering and greater reach across channels and geographies," HanesBrands Chairman Bill Simon said in a statement Wednesday.

By the numbers:

If you include HanesBrands’ debts, the sale is valued at about $4.4 billion, the companies said.

HanesBrands shareholders will receive 0.102 common shares of Gildan and

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