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HanesBrands buying DBApparel for about $550M

WINSTON-SALEM, N.C. (AP) -- HanesBrands is buying DBApparel from Sun Capital Partners Inc. for 400 million euros (about $550 million), giving the underwear and T-shirt company entry to the European market.

DBApparel is a marketer of hosiery and men's underwear in Europe. Hanesbrands and DBApparel had both once been owned by Sara Lee Corp. In 2006, Sun Capital acquired DBApparel and HanesBrands was spun off into an independent public company.

The two companies would share worldwide rights to Playtex, Wonderbra and DIM brands.

HanesBrands Inc., based in Winston-Salem, North Carolina, said that it plans to fund the deal with available cash and third-party borrowings.

The transaction is expected to add to about 25 cents per share to HanesBrands' adjusted earnings in 2015 and approximately $1 per share to adjusted earnings annually within three to four years.

The acquisition may close as early as the third quarter.

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