This Underwear Stock Just Soared 30%. It Got a $5 Billion Bid, Says Report.

Hanesbrands stock is down double digits so far in 2025. (Courtesy HanesBrands)

Hanesbrands stock soared in premarket trading following a media report that the U.S. underwear-maker behind Hanes and Playtex may soon be acquired by Gildan Activewear.

The companies are nearing a deal that would value Hanesbrands at about $5 billion, including debt, the Financial Times reported early Tuesday, citing people familiar with the matter. Hanesbrands had a market value of just over $1.7 billion coming into Tuesday trading.

Neither company immediately responded to a request for comment.

Shares of Hanesbrands were up 34% to $6.47 while Gildan stock fell 8.6% to $46.658 in early trading.

Hanesbrands has had a rough year with shares down 41% amid soft sales in the past few quarters and the threat of increasing costs as a result of President Donald Trump’s tariffs. However, it reported second-quarter earnings last week that beat expectations.

Meanwhile Gildan, which is known for its branded T-shirts, was trading close to record high.

Write to Elsa Ohlen at elsa.ohlen@barrons.com