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Hanesbrands (HBI) Stock Surges After Agreeing to Purchase Australian Underwear Brand

NEW YORK (TheStreet) -- Hanesbrands (HBI - Get Report) stock is rising by 8.31% to $30.11 in early-afternoon trading on Thursday, after the clothing manufacturer agreed to a $835 million deal to acquire Sydney-listed Pacific Brands, the parent company of Australia's biggest underwear brand Bonds.

Hanesbrands offered AUD$1.15 per share in cash, representing a 22% premium to Pacific Brands's closing price on Wednesday.

The deal will add Australia and New Zealand to the countries where Hanesbrands has the biggest or second-biggest share of the underwear market. It is the company's sixth buyout in the past three years.

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