HBI Stock: Hanesbrands Jumps on Deal to Sell Champion Brand for $1.2 Billion

Hanesbrands (NYSE:HBI) stock is getting a boost on Wednesday after the innerwear apparel company announced it will sell the Champion brand. Hanesbrands has agreed to sell the Champion brand to Authentic Brands Group for $1.2 billion. The deal could increase to $1.5 billion if a contingent cash consideration of up to $300 million is fulfilled. This requires the brand to reach performance goals after the sale. Hanesbrands notes that it will receive net proceeds of $900 million from this deal. The company says ...