HanesBrands (HBI) announced that it has entered into a definitive agreement to acquire Maidenform Brands (MFB), for $23.50 per share. The all-cash transaction is expected to be accretive to earnings per share in the first 12 months after closing and is projected to deliver full benefits within three years of more than $500M in incremental annual sales, 60c in EPS, $80M of operating profit, and $65M of free cash flow. After the transaction closes, HanesBrands’ pro forma projected annual revenue would be more than $5B. The transaction, valued at approximately $575M on an enterprise-value basis, has been unanimously approved by the boards of both companies. The acquisition, which is subject to Maidenform shareholder approval, regulatory approval and other customary closing conditions, is expected to close in the fourth quarter of 2013. The acquisition is expected to create growth and cost savings opportunities and increased scale to serve retailers.