Hanesbrands directors unanimously stamped a deal to send the century-old apparel brand to Authentic Brands Group for a transaction value of $1.2 billion, with another $300 million potentially coming HBI’s way in contingent cash consideration based on performance thresholds. According to a Hanes release, the ink should dry sometime in H2, with the company seeing approximate net proceeds of $900 million, which will all head towards debt reduction with an eye on meaningful deleverage in net debt-to-adjusted EBITDA. The news sent HBI shares up 5% on the news.

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