Gildan Activewear is buying HanesBrands for $2.2 billion in a deal that gives the basic apparel maker access to household name brands like Hanes and Maidenform.

The companies put the transaction’s valued at about $4.4 billion when HanesBrands’ debt is included.

Gildan, in addition to its namesake brand, also makes American Apparel and Peds.

“As part of Gildan, HanesBrands will benefit from an even stronger financial and operational foundation that will provide new growth opportunities – helping to power further innovation, a broader product offering and greater reach across channels and geographies,” HanesBrands Chairman Bill Simon said in a statement on Wednesday.

HanesBrands shareholders will receive 0.102 common shares of Gildan and 80 cents in cash for each share of HanesBrands common stock.

HanesBrands shareholders will own about 19.9% of Gildan stock once the deal closes.

Gildan’s headquarters will remain in Montréal, Québec after the transaction is complete. The combined company will maintain a strong presence in Winston-Salem, North Carolina, where HanesBrands is located.

Gildan said that it plans to conduct a strategic review of HanesBrands Australia, which could include a sale.

The deal is expected to close later this year or early next year. It still needs approval from HanesBrands shareholders.

Shares of HanesBrands dropped more than 7% before the market opened after spiking 28% Tuesday on rumors of a buyout.