WINSTOM-SALEM, N.C. (AP) -- HanesBrands is buying bra maker Maidenform Brands Inc. for approximately $547.6 million.
The deal would add brands like Maidenform, Flexees and Self Expressions garments to the Hanesbrand roster that includes Playtex, Wonderbra and its namesake Hanes.
HanesBrands will pay $23.50 per share, a 23 percent premium to Maidenform's $19.09 Tuesday closing price. The companies put the deal's value at about $575 million.
Maidenform has about 23.3 million outstanding shares, according to FactSet.
HanesBrands said Wednesday that Maidenform's average-figure bra business will complement its full-figure bra collection and that its shapewear will be a nice addition as well.
HanesBrands Inc. plans to pay for the deal with available cash and short-term borrowings on its revolving credit facility.
Both companies' boards unanimously approved the acquisition, which is expected to close in the fourth quarter. It still needs approval from Maidenform shareholders.