HanesBrands Inc. announced that they have agreed to buy Maidenform Brands Inc.. The transaction was valued at US$575 million. HanesBrands Inc. said that through the acquisition, they will expand their lingerie business line. HanesBrands Inc. said that they will pay US$23.50 for each of the Maidenform Brands Inc. shares. Maidenform commented that they expect to complete the transaction by the fourth quarter of 2013.

HanesBrands said that the purchase will boost the company's earnings per share after the completion of the acquisition. The underwear maker estimated a boost in sales of more than US$500 million within the next three years.

HanesBrands Inc. is the well known American clothing company with headquarters in Winston-Salem, North Carolina. The company was spun off by the Sara Lee Corporation on September 6, 2006. The company owns several well known clothing brands, including Hanes, Champion, Just My Size, Hanes Hosiery, Bali, L'eggs, Barely There, Beefy-T, C9 by Champion, Cacharel, Wonderbra, Duofold, Airé, Celebrity, Rinbros, Ritmo, Sheer Energy, Daisyfresh, J. E. Morgan, One Hanes Places, Sol y Oro, Tagless, Silk Reflections, Sol and Zorba.

Maidenform Brands is the leading manufacturer of women's underwear, founded in 1922 by Ida Rosenthal, Enid Bissett and William Rosenthal. The three rebelled against the flat-chested designs of the 1920's and decided to produce dresses and support undergarments. The bras were manufactured to accentuate the natural shape of a woman's figure, hence the name Maidenform.